U.S. soy, corn down, wheat steady to lower
By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures clung to small increases on Wednesday, as lack of farmer selling continued to underpin prices.
Canola received additional support from gains in Malaysian palm oil and most MATIF rapeseed contracts. Pressure from declines in the Chicago soy complex eroded canola’s stronger upticks earlier in the session. An upswing in crude oil prices spilled over into the vegetable oils.
The Prairie weather forecast has called for good harvest conditions, which should increase the pace. Manitoba reported its overall harvest was 56 per cent finished with the province’s canola at 45 per cent done.
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The Canadian dollar dropped back on Wednesday afternoon with the loonie at 71.92 U.S. cents, compared to Tuesday’s close of 72.30.
There were 35,666 contracts traded on Wednesday, compared to 54,712 on Tuesday. Spreading accounted for 19,888 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Nov 618.10 up 0.50
Jan 631.30 up 0.20
Mar 642.70 up 0.10
May 652.40 dn 0.10
SOYBEAN futures at the Chicago Board of Trade were lower on Wednesday, due to pressure from Argentine soybean sales.
The latest reports said China has now bought a total of 20 soybean cargoes, about one million tonnes, of soybeans from Argentina. On Monday, the Argentine government eliminated its 26 per cent export tax on agricultural goods until Oct. 31.
United States Treasury Secretary Scott Bessent announced the U.S. government is ready to purchase secondary or primary government debt and is working to end Argentina’s temporary tax holiday.
The U.S. Department of Agriculture announced a private sale for 101,400 tonnes of 2025/26 soymeal to Guatemala.
Ahead of the USDA’s weekly export sales report on Thursday, the trade projected soybean sales at 600,000 to 1.60 million tonnes, soymeal between 150,000 to 450,000 tonnes and soyoil from 10,000 to 30,000 tonnes.
Soybean and Corn Advisor trimmed its forecast on the U.S. soybean yield by a half bushel per acre at 52 bu./ac.
ANEC cut its call on Brazil’s September soybean exports by 380,000 tonnes at 7.15 million tonnes.
The Argentine Rural Society estimated producers there have about 21.60 million tonnes of soybeans left to sell.
Frost damage will further reduce Ukraine’s sunflower harvest, with APK-Inform warning of the smallest harvest in 10 years. The latest estimate placed Ukrainian sunflower production at 12.9 million tonnes.
CORN futures were lower on Wednesday, due to spillover from soy.
The upper Ohio Valley is to get heavy rain today as a system continued move eastward across the U.S. Midwest.
The USDA said there’s a private sale for 312,956 tonnes of 2025/26 corn to Mexico. Also, the USDA corrected yesterday’s corn sale to Mexico from 320,068 tonnes to now 312,956.
U.S. weekly corn export sales are to come in at one million to 1.80 million tonnes.
The U.S. Energy Information Administration reported ethanol production for the week ended Sept. 19 averaged 1.02 million barrels per day, down 31,000 BPD. Ethanol stocks increased 866,000 barrels at 23.47 million.
Soybean and Corn advisor held its estimate on the U.S. corn yield at 182 bu./ac.
ANEC forecast Brazil’s September corn exports at 7.61 million tonnes, up 490,000 from its previous estimate.
MARS cut its call on the European Union corn yield to 6.88 tonnes per hectare from 6.93, compared to the five-year average of 7.10.
Argentine Rural Society said producers have around 25.80 million tonnes of corn to sell.
WHEAT futures were steady to lower on Wednesday, with Minneapolis unchanged while Chicago and Kansas City stepped back.
The trade projected U.S. wheat export sales at 300,000 to 600,000 tonnes.
The EU reported that its cumulative wheat exports for 2025/26 reached 4.12 million tonnes as of Sept. 21, down by nearly a third from a year ago.
The USDA attaché in Cairo projected Egypt’s 2025—26 wheat imports to nudge up 200,000 tonnes from last year to 12.70 million tonnes. Egypt is the world’s largest wheat importer.
Algeria bought nearly 600,000 tonnes of wheat, while Jordan acquired 60,000 tonnes of milling wheat and South Korea purchased 50,000 tonnes of U.S. milling wheat.
