DTN Plains, Prairies Closing Comments

DTN Plains, Prairies Closing Comments

MARKET SUMMARY:

November canola closed down C$13.40. December corn closed down 5 cents and March corn was down 4 3/4 cents. November soybeans closed down 9 1/2 cents and January soybeans were down 9 1/2 cents. December KC wheat closed down 1 cent, December Chicago wheat was down 6 1/4 cents and December MIAX Minneapolis wheat was down 1 1/4 cents.

OUTSIDE MARKETS:

The Canadian dollar closed down 0.000931 at $0.724774 and the U.S. Dollar Index is down 0.28 at 98.12. The Dow Jones Industrial Average is down 210.0 points at 45,141.0. December gold is up $43.50 at $3,635.70, December silver is up $0.47 at $42.06 and December copper is down $0.0210. October crude oil is down $1.64 at $63.95, October ultra-low sulfur diesel is down $0.0153, October RBOB gasoline is down $0.0321 and October natural gas is up $0.057.

OILSEEDS:

November soybeans closed down 9 1/2 cents at $10.31 1/2 and January soybeans were down 9 1/2 cents at $10.50. December soybean oil was down 0.82 cent at 51.84 cents and December soybean meal was down $1.30 at $282.50.

“Tuesday’s Crop Progress report on paper should have been supportive of soybean prices, as ratings declined 4 points over the most recent week to 65% of the crop now rated good to excellent, even with the August ending rating in 2024. Looking over the past decade, the 65% rating is tied with last year for the fourth or fifth highest August ending rating. It is difficult to draw definitive conclusions based on crop ratings alone, but the weekly declines in Illinois, Kentucky, Indiana, and Ohio again paint a picture that the dry August is potentially taking the top end off of yield potential this fall. However, traders at this point are unwilling to translate this into sustained buying on the board, given there is an equally large and potentially offsetting question mark on Chinese demand for U.S. soybeans through the balance of 2025 and into 2026,” said DTN Lead Analyst Rhett Montgomery.

CANOLA:

November canola closed at $616.90, down $13.40 and the January contract closed at $628.40, down $13.90, closing lower with losses in U.S. soybean oil, European rapeseed and palm oil markets. Pressure also came from crude oil, which tumbled on concern the OPEC+ meeting this weekend may end with another hike in production.

There were 33,134 November contracts traded and 17,245 January contracts traded.

ICE reported the following canola cash prices:

1 Canada NCC: CAD per MT

                        Price  Basis Contract

*Par Region (Sep. 2)    592.90 -37.40 Nov ’25

Basis: Thunder Bay      626.90  10.00 Nov ’25

Basis: Vancouver        641.90  25.00 Nov ’25

WHEAT:

December KC wheat closed down 1 cent at $5.10 1/4, December Chicago wheat was down 6 1/4 cents at $5.22, December MIAX Minneapolis wheat was down 1 1/4 cents at $5.73.

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 down 2 3/4 at $3.27 3/4 and March oats closed down 3 3/4 cents at $3.40. There were 204 September contracts traded and 12 December contracts traded.

CORN:

December corn closed down 5 cents per bushel at $4.18 and March corn was down 4 3/4 cents at $4.36, closing lower and following Soybeans and Chicago wheat. If you look at the stockpile of wheat in the world, you should know that some of it is feed wheat quality, either low protein or other issues, so corn needs to stay close to wheat prices. Once again, the market doesn’t seem too concerned about the upcoming freeze event in the northern plains, but farmers say it will be disruptive for their crops if it does freeze. The USDA weekly crop report showed corn conditions declined 2 percentage points to 69% good to excellent. USDA said only 15% of the U.S. was mature as of Aug. 31, so even if it doesn’t freeze, the cold weather, especially at night and in the mornings, will not be helpful to the crop.

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

Follow her on social platform X @MaryCKenn