DTN Plains, Prairies Closing Comments

DTN Plains, Prairies Closing Comments

MARKET SUMMARY:

November canola closed up C$3.90. December corn closed up 2 3/4 cents and March corn was up 3 cents. November soybeans closed down 13 1/2 cents and January soybeans were down 13 cents. December KC wheat closed down 8 1/2 cents, December Chicago wheat was down 6 cents, December MIAX Minneapolis wheat was down 5 3/4 cents.

OUTSIDE MARKETS:

The Canadian dollar closed down 0.001477 at $0.725705 and the U.S. Dollar Index is up 0.60 at 98.37. The Dow Jones Industrial Average is down 410.0 points at 45,191.0. December gold is up $78.90 at $3,595.0, December silver is up $0.92 at $41.64 and December copper is up $0.0435. October crude oil is up $1.58 at $65.59, October ultra-low sulfur diesel is up $0.1041, October RBOB gasoline is up $0.0736 and October natural gas is up $0.013.

OILSEEDS:

November soybeans closed down 13 1/2 cents at $10.41 and January soybeans were down 13 cents at $10.59 1/2. For the week, November soybeans closed up 6 1/2 cents and January soybeans were up 5 3/4 cents. December soybean oil was up 0.52 cent at 52.66 cents and December soybean meal was down $5.20 at $283.80.

“Soybean prices fell quickly by double digits to begin the new week and month, retreating back towards what has been chart support near $10.40. It seems apparent at this point that traders are unwilling to allow soybean prices to rally much beyond $10.50 on the November board with big question marks still remaining on both 2025 yields as well as demand with China still not a buyer of U.S. soybeans,” said DTN Lead Analyst Rhett Montgomery.

CANOLA:

November canola closed at $630.30, up $3.90 and the January contract closed at $642.30, up $4.00, closing higher with support from gains in U.S. soybean oil, European rapeseed and palm oil. In addition, the higher close in crude oil also supported canola. Crude oil rose after reports that Ukraine struck multiple refineries inside Russian territory. Also, the U.S. is still saying it will put more sanctions on Russia if they don’t stop invading Ukraine. Russia has already turned down having a peace talk meeting.

There were 34,970 November contracts traded and 14,962 January contracts traded.

ICE reported the following canola cash prices:

1 Canada NCC: CAD per MT

Price Basis  Contract

*Par Region (Aug. 28) 602.40 -24.00 Nov ’25

Basis: Thunder Bay      640.30  10.00 Nov ’25

Basis: Vancouver        655.30  25.00 Nov ’25

WHEAT:

December KC wheat closed down 8 1/2 cents at $5.11 1/4, December Chicago wheat was down 6 cents at $5.28 1/4, December MIAX Minneapolis wheat was down 5 3/4 cents at $5.74 1/4.

The U.S. Wheat weekly harvest report noted, “This week saw good progress in North Dakota and Montana, while northern Minnesota was delayed by thunderstorms. Crop Conditions: Reports from North Dakota indicate variability in protein content. Due to prolonged drought conditions in Montana, test weights are expected to average 60 lb/bu (78.9 kg/hl) with an average protein of 14.6 (12% mb). No quality concerns have been reported in Minnesota. Wheat Data: This week’s data, from 14% of expected samples, shows an average protein of 14.2% (12% mb), test weight of 61.2 lb/bu (80.5 kg/hl), and a falling number of 415 seconds — all slightly above last year. Vitreous kernel content averages 55%, making the current average grade a U.S. No. 1 Northern Spring (1 NS). Durum data: Grain moisture is higher and falling number is lower than last year, reflecting damp harvest conditions. Protein content is lower than last year, but 1,000 kernel weight and test weight are greater than last year. Dockage, total damage, and total defects are greater than last year, which results in an average grade of U.S. No. 2 Hard Amber Durum (2 HAD).”

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 unchanged at +70N; 14 proteins were unchanged to down 25 at +85N to +100; 14.5% proteins were unchanged at +120N; 15% proteins were down 20 at +185 to +235 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 34 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 1/4 at $3.36 1/2 and March oats closed down 4 3/4 cents at $3.33 1/4. There were 449 September contracts traded and 29 December contracts traded.

CORN:

December corn closed up 2 3/4 cents per bushel at $4.23 and March corn was up 3 cents at $4.40 3/4, closing higher as soybean and wheat markets were lower. Once again, the market rallied as China rumors spread again. Weekly inspections for corn were very good again, with USDA reporting corn inspections totaling 55.4 mb for the week ending August 28, 2025. Total inspections for 2024-25 are now at 2.636 bb, up 29% from the previous year.

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

Follow her on social platform X @MaryCKenn