By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures fell back on Wednesday, getting pressured by profit-taking and declines in comparable oils.
The Chicago soy complex was down hard while losses in MATIF rapeseed and Malaysian palm oil were more moderate. A downturn in crude oil was also felt in the vegetable oils.
Despite today’s pullback, the January canola contract remained above its 20- and 50-day moving averages.
China not buying Canadian canola continued to hover in the background, exerting pressure.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were falling back on Wednesday morning, pulled down…
A trader said he expects canola to fall to C$630-C$640 range and then slowly rebound upward.
The Canadian dollar retreated on Wednesday afternoon with the loonie sliding to 71.13 U.S. cents compared to Tuesday’s close of 71.44.
There were 63,192 contracts traded on Wednesday, compared to 44,575 on Tuesday. Spreading accounted for 39,410 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Jan 650.40 dn 6.00
Mar 663.10 dn 5.50
May 672.90 dn 5.30
Jul 678.00 dn 5.40
SOYBEAN futures at the Chicago Board of Trade fell hard on Wednesday, due to profit-taking.
The United States Department of Agriculture announced a private sale for 330,000 tonnes of soybeans to China. Yesterday, China purchased 792,000 tonnes of U.S. soybeans.
A report said increases in U.S. diesel prices underpinned the recent increases in soyoil futures.
The U.S. Census Bureau released its delayed report on August exports, showing 2.27 million tonnes of soybeans were shipped abroad. That’s a three-year high for August. Soymeal exports were 1.34 million tonnes, an August record, but down about four per cent from July.
The weather outlook for southern Brazil called for warmer, drier conditions.
ANEC added 450,000 tonnes to its call on Brazil’s November soybean exports, now at 4.71 million.
Safras and Mercado chopped 2.16 million tonnes from its estimate on the 2025/26 Brazil soybean crop, pegging it at 178.76 million.
CORN futures were lower on Wednesday on declines in crude oil but held rangebound.
The U.S. Energy Information Administration said ethanol production averaged 1.09 million barrels per day for the week ended Nov. 14. That’s up 16,000 BPD from the previous week. Ethanol stocks increased by 88,000 barrels at 22.31 million.
U.S. census data said August corn exports were almost 6.40 million tonnes, an August record. Ethanol exports that month were 188.77 million gallons, up nearly 24 per cent from August 2024.
ANEC raised its estimate on Brazil’s November corn exports by 320,000 tonnes at 6.36 million.
A report said South Korea acquired up to 150,000 tonnes of corn.
WHEAT futures were lower on Wednesday, with significant losses in Chicago and Kansas City and a slight decline in Minneapolis.
U.S. August wheat exports came to 2.69 million tonnes, the highest August amount in nine years.
The European Union reported that its cumulative wheat exports reached 9.05 million tonnes as of Nov. 16, almost on par with those a year ago.
Ukraine estimated its 2025/26 wheat crop at 23 million tonnes, improving 400,000 tonnes from last year. The country’s wheat exports were projected to be 17 million tonnes, up from 15.70 million in 2024/25. So far this year, those exports are 6.80 million tonnes compared to 8.60 million this time last year.
Jordan tendered for 120,000 tonnes of milling wheat and received four offers.
