DTN Plains, Prairies Closing Comments

MARKET SUMMARY:

November canola closed up C$8.40. December corn closed down 2 3/4 cents and March corn was down 3 cents. November soybeans closed down 6 cents and January soybeans were down 5 3/4 cents. December KC wheat closed down 3 1/4 cents, December Chicago wheat was down 5 1/4 cents, December MIAX Minneapolis wheat was down 4 1/2 cents.

OUTSIDE MARKETS:

The Canadian dollar closed down 0.000938 at $0.721245, and the U.S. Dollar Index is down 0.04 at 97.75. The Dow Jones Industrial Average is down 223.0 points at 45,534.0. December gold is up $5.80 at $3,688.0, December silver is up $0.32 at $41.66 and December copper is up $0.0465. October crude oil is up $1.09 at $63.72, October ultra-low sulfur diesel is up $0.0148, October RBOB gasoline is up $0.0163 and October natural gas is down $0.084.

OILSEEDS:

November soybeans closed down 6 cents at $10.26 1/4, and January soybeans were down 5 3/4 cents at $10.44 3/4. December soybean oil was up 0.53 cent at 51.01 cents, and December soybean meal was down $3.20 at $285.80.

“In addition to nervousness regarding soybean demand within the export market, the last week has raised some flags in the eyes of the market as the policy dispute between officials from oil refining states and agricultural states regarding the June EPA biofuel proposals has heated up, with those from heavy oil production states calling for reduced renewable obligations. The soybean oil December contract has dropped over 4 cents per pound since its Aug. 22 recent high close the legal battle for its place within the biofuel mix is ongoing. For Wednesday anyway, December soybean oil was slightly higher, with the firmer crude market helping. The U.S. soybean crush program will be extremely important in keeping demand in the soybean market solid with exports expected to decline through 2025-26, and the biofuel industry is an important demand source for oil that will require monitoring as we move forward,” said DTN Lead Analyst Rhett Montgomery.

CANOLA:

November canola closed at $628.10, up $8.40, and the January contract closed at $640.70, up $8.70, closing higher with strength in U.S. soybean oil, European rapeseed and palm oil. Support also came from the strong close in crude oil even after a bullish EIA inventory report today.

Manitoba crop report noted that as of Sept. 9, “Swathing and desiccation is ongoing in canola. Canola yields range from 30 to 60+ bu/acre with significant variation depending on region. Average harvest in the province is 18% complete, with the Northwest region only 2% complete, while the Central region is furthest along at 35% complete.” Here is a link to the entire report: https://www.gov.mb.ca/agriculture/crops/seasonal-reports/crop-report/pubs/crop-report-2025-09-09.pdf.

There were 23,174 November contracts traded and 10,618 January contracts traded.

ICE reported the following canola cash prices:

1 Canada NCC: CAD per MT

WHEAT:

December KC wheat closed down 3 1/4 cents at $5.07, December Chicago wheat was down 5 1/4 cents at $5.15, December MIAX Minneapolis wheat was down 5 1/2 cents at $5.69 1/2.

Manitoba crop progress report as of Sept. 9, “Spring wheat yields are averaging 50 to 60+ bu/ac depending on the region. On average in Manitoba, 79% of the spring wheat crop is harvested. The Central region is the furthest along at 90% complete and the Southwest region is the furthest behind at 70%.” See the full report up in the canola section.

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 unchanged at +60N to +85; 14.5% proteins were at +170; 15% proteins were up 5 to unchanged at +160 to +200 and 16% proteins were not quoted. Wheat receipts on the exchange floor were 30 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 3 1/4 cents at $3.18, and March oats closed down 3 1/2 cents at $3.30 1/2. There were 323 September contracts traded, and 28 December contracts traded.

Manitoba crop progress report noted that as of Sept. 9, “Oat yields range from 100 to 150 bu/ac and barley from 60 to 70 bu/ac.”

CORN:

December corn closed down 2 3/4 cents per bushel at $4.17, and March corn was down 3 cents at $4.34 1/2, closing lower with losses in the wheat market. One of the main factors pressing the corn market is the upcoming USDA WASDE report on Friday. Dow Jones survey of 17 analytics/advisory firms shows the average trade guess for the national average corn yield coming in at 186.1 bushels per acre (bpa), which would be a 2.7 bpa cut from the report a month ago. The corn yield could still take a hit as the maturity of all the corn isn’t even close to the finish line. Dry weather in the Eastern Corn Belt nearly all of August and an early freeze in parts of North Dakota and Minnesota may still affect the final yield.

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

Follow her on social platform X @MaryCKenn