Glacier FarmMedia — ICE Futures canola market was weaker on Wednesday but finished well off its session lows after uncovering support to the downside. While losses in the Chicago soy complex weighed on values, tight supply projections remained supportive.
Heightened concerns over losing out on some export sales to China amid increased Australian competition accounted for some of the early weakness, with the November contract hitting a session low of C$686.50 per tonne. However, the contract recovered to settle C$10 above that point and just over its 20-day moving average.
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ICE canola falling further
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange extended Wednesday’s downturn this morning, pressured by declining comparable oils….
Mixed Prairie growing conditions kept some weather premiums in the market, with dryness in some areas countered by relatively favourable weather elsewhere.
There were 59,885 contracts traded on Wednesday, which compares with Tuesday, when 48,296 contracts changed hands. Spreading accounted for 29,838 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade fell to their lowest levels in nearly four months on Wednesday, with the break below US$10 per bushel in the November contract bearish from a chart standpoint.
A lack of any significant export demand for United States soybeans amid ongoing trade uncertainty contributed to the declines. Relatively favourable Midwestern crop weather also weighed on values.
The good weather was also bearish for CORN, but the grain managed to hold onto small gains following some support from advances in crude oil.
Weekly U.S. ethanol production came in at 1.096 million barrels per day, which was up by 18,000 barrels per day from the previous week. Ethanol stocks increased by 272,000 barrels at 24.716 million.
Forecasts calling for cooler overnight temperatures for the next week should aid crop development, with recent rains also beneficial.
WHEAT futures were mixed on Wednesday, with a firmer tone in hard red winter wheat and losses in the other contracts.
Bangladesh approved the purchase of 220,000 tonnes of U.S. wheat, with reports the country may buy as much as 700,000 tonnes.
Sovecon raised their call on Russian wheat exports in the 2025/26 marketing year by five million tonnes, to 43.3 million tonnes.
