ICE Canola Lower; Wheat Mixed; Soybean, Corn Markets Higher

MARKET SUMMARY:

November canola was down C$0.80. December corn closed up 3/4 cents and March corn was up 1/2 cent. November soybeans closed up 12 1/4 cents and January soybeans were up 13 1/4 cents. December KC wheat closed down 1 1/2 cents, December Chicago wheat was up 1 cent, December MIAX Minneapolis wheat was unchanged.

OUTSIDE MARKETS:

The Canadian dollar closed down 0.001052 at $0.712438, and the U.S. Dollar Index is up 0.19 at 98.62. The Dow Jones Industrial Average is up 537.0 points at 46,918.0. December gold is up $162.10 at $4,375.40, December silver is up $1.42 at $51.53 and December copper is up $0.0770. December crude oil is down $0.16 at $56.99, November ultra-low sulfur diesel is up $0.0108, November RBOB gasoline is down $0.0081 and November natural gas is up $0.384.

OILSEEDS:

November soybeans closed up 12 1/4 cents at $10.31 3/4 and January soybeans were up 13 1/4 cents at $10.50. December soybean oil was up 0.18 cent at 51.31 cents today, and December soybean meal was up $4.00 at $285.00.

“The primary driver of the strength in soybean futures for Monday was weekend trade talks between U.S. and Chinese officials which ended with an agreement to continue negotiations this week. It would appear the roller-coaster relationship between the U.S. and China has begun to once again ease after a 2-week period of increased tension ahead of the planned meeting between President Trump and President Xi in South Korea at the end of the month. Weekly soybean export inspections totaled 54.2 mb, a solid improvement over the prior week. However, year-to-date inspections pace continues to slide, dropping as of Oct. 16 to 31% below the same point in 2024. Here in the U.S., soybean harvest is likely near the 80% completion point, as DTN’s national average soybean basis continues to appreciate since the beginning of October,” said DTN Lead Analyst Rhett Montgomery.

CANOLA:

November canola closed at $615.40, down $0.80, and the January contract closed down $1.20 at $630.30, closing lower in spite of higher U.S. soybean oil and rapeseed, while palm oil did not trade due to a holiday.

The AAFC Canada Outlook for Principal Field Crops released on Oct. 17 noted “Demand for Canadian canola is switching to being domestically driven with a forecasted record crush of 11.8 Mt, up 3% from last year and 15% above the five-year average. The forecast contains some upside depending on the completion of processing plants under construction and their becoming fully operational. By contrast, Canadian exports are forecast to fall to a two-year low of 7.0 Mt, assuming China’s preliminary anti-dumping duty remains in place and there is no immediate resolution of the trade issue.” Here is a link to the full report: https://agriculture.canada.ca/en/sector/crops/reports-statistics.

There were 16,460 November contracts traded and 28,988 January contracts traded.

ICE reported the following canola cash prices:

1 Canada NCC: CAD per MT

WHEAT:

December KC wheat closed down 1 1/2 cents at $4.90, December Chicago wheat was up 1 cent at $5.04 3/4, December MIAX Minneapolis wheat was unchanged at $5.48 1/2.

The MIAX Futures Exchange, LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows, basis the December MIAX spring wheat futures: 12% proteins was not quoted; 13% proteins are not quoted; 13.5 proteins were not quoted; 14 proteins were down 5 to up 15 at +140 to +160; 14.5% proteins were unchanged at +150N; 15% proteins were down 50 to down 5 at +230 to +275 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 24 cars, which includes zero train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight.

CME December oats closed up 4 3/4 cents at $2.99 3/4, and March oats closed up 5 cents at $3.21 1/4. There were 192 September contracts traded, and 18 December contracts traded.

CORN:

December corn closed up 3/4 cents at $4.23 1/4 and March corn was up 1/2 cent at $4.37, closing nearly unchanged to start the week with not much to give corn a reason to go higher. Weekly corn inspections were the only real bright light today. USDA said corn inspections for the week ending Oct. 16 totaled 51.9 million bushels (mb). Total inspections for 2025-26 are now at 368 mb, up 61% from the previous year. USDA is estimating corn exports to total 2.975 billion bushels (bb) in 2025-26, up 5% from the previous year. The recent warm weather has been helpful to U.S. corn harvest and while rain has entered the picture, the U.S. harvest progress is being pegged by traders at 65% to 70% finished.

Mary Kennedy can be reached at mary.kennedy@dtn.com

Follow her on social platform X @MaryCKenn