Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Wednesday. This was despite the November contract finding resistance at the C$700 per tonne psychological level as it closed in on its 20- and 50-day moving averages.
Chicago soyoil, European rapeseed and Malaysian palm oil were also higher, supporting canola prices. Crude oil also made slight gains as a draw in United States stockpiles outweighed trade negotiations between the U.S. and other countries.
An analyst said Chicago soyoil’s rise could be attributed to U.S. President Donald Trump’s announcement of a new trade deal with Japan.
Read Also
ICE Midday: Canola rises to end downturn
Glacier FarmMedia | MarketsFarm — Canola futures on the Intercontinental Exchange rebounded from recent losses in the middle of Wednesday…
Much of Alberta as well as southern Saskatchewan and southern Manitoba saw scattered showers today. However, the latter two locations will be sunny in the coming days. The analyst said canola has stabilized in those areas that received rain.
At mid-afternoon, the loonie gained more than one-tenth of a United States cent compared to Tuesday’s close.
There were 39,813 canola contracts traded on Wednesday, which compares with Tuesday when 42,474 contracts changed hands. Spreading accounted for 18,122 of the contracts traded.
The September Minneapolis spring WHEAT contract hit a new contract low on Wednesday while the same month’s Chicago soft and Kansas City hard red contracts lost all of their Tuesday gains.
The United States Wheat Quality Council began its three-day tour of spring wheat and durum fields in North Dakota on Tuesday. Day 1 yield results were 49.8 bushels per acre, down from 52.3 bu./ac. last year.
Argus Media estimated 2025 French soft wheat production at 33.4 million tonnes, up 30 per cent from last year but below the 2017 to 2023 average of 34.96 million.
The Russian government trimmed its 2025 wheat production estimate at 88 million to 90 million tonnes. Exports for the 2025-26 marketing year were down one million to two million tonnes at 43 million to 44 million.
Ukraine’s ag ministry said it has exported 346,000 tonnes of wheat so far this marketing year. Total grain exports were 950,000 tonnes, nearly one-third of last year’s total.
SOYBEANS suffered its third consecutive negative session. The November contract ended the day above its 20-day average but below the 50-day.
Chinese President Xi Jinping invited U.S. President Donald Trump to visit China. However, U.S. Treasury Secretary Scott Bessent said a meeting may take place no earlier than Labor Day.
Rain is expected for most of the U.S. Corn Belt next week, while lighter precipitation was forecast for the Southern Plains.
September CORN declined for the third straight day, closing below US$4/bu. in consecutive days for the first time since July 10 and 11.
The U.S. Energy Information Administration reported average daily ethanol production for the week ended July 18 at 1.078 million barrels per day, down 9,000 bpd from the week before. Stocks were up 809,000 barrels at 24.444 million.
Ukraine exported 477,000 tonnes of corn so far this marketing year.
South Korea’s MFG tendered for 140,000 tonnes of corn earlier today for September/October shipment.
