DTN Plains, Prairies Closing Comments

MARKET SUMMARY:

November canola was up C$8.20. December corn closed up 2 1/4 cents and March corn was up 2 cents. November soybeans closed down 1 1/4 cents and January soybeans were down 1 cent. December KC wheat closed up 7 1/4 cents, December Chicago wheat was up 3 1/2 cents, December MIAX Minneapolis wheat was up 2 cents.

OUTSIDE MARKETS:

The Canadian dollar closed down 0.000224 at $0.712463, and the U.S. Dollar Index is up 0.24 at 99.22. The Dow Jones Industrial Average is up 627.0 points at 46,333.0. December gold is up $125.30 at $4,125.70, December silver is up $3.34 at $50.59 and December copper is up $0.2415. November crude oil is up $0.61 at $59.51, November ultra-low sulfur diesel is up $0.0458, November RBOB gasoline is up $0.0235 and November natural gas is up $0.014.

OILSEEDS:

November soybeans closed down 1 1/4 cents at $10.06 1/2 and January soybeans were down 1 cent at $10.24 1/4. December soybean oil was down 0.03 cent at 50.57 cents today, and December soybean meal was up $0.20 at $274.30.

“November futures briefly tested the late September low but managed to bounce off this level just below $10.02 for the third straight session. Still, soybean futures were unable to gain much traction to the upside for Tuesday, likely still pressured by heightened tensions between the U.S. and China and large Brazilian estimates as well released Tuesday morning,” said DTN Lead Analyst Rhett Montgomery. “Conab Brazil announced Tuesday that they expect the country to harvest another record-breaking soybean crop in 2026, estimated at 177.64 mmt. This would be up from the agency’s 171.5 mmt estimate of the 2025 crop (USDA at 169 mmt) and up from USDA’s estimate of a 175 mmt crop in 2025-26 as estimated in the September WASDE report. The agency is also expecting exports to grow to 112 mmt over the next marketing year, a product of high production as well as recent decreased competition from the U.S. for Chinese business.”

CANOLA:

November canola closed at $615.60, up $8.20, and the January contract closed up $7.50 at $630.10, closing higher after the long holiday weekend, in spite of lower U.S. soybean oil and rapeseed markets.

DTN Contributing Canada Analyst Mitch Miller this morning said, “Canola remains the leader to the upside as traders react to the possibility that Ottawa could reconsider the tariffs on Chinese EV imports. Following the offer by the Chinese ambassador to remove tariffs on canola if Canada did the same on EV’s, there has been a strong push from Western Canada, including from the premiers of Saskatchewan and Manitoba, to take them up on it.”

There were 41,590 November contracts traded and 46,978 January contracts traded.

ICE reported the following canola cash prices:

1 Canada NCC: CAD per MT

WHEAT:

December KC wheat closed up 7 1/4 cents at $4.88 1/2, December Chicago wheat was up 3 1/2 cents at $5.00 1/4, December MIAX Minneapolis wheat was up 2 cents at $5.53 1/2.

USW noted in their weekly harvest update Oct. 3 that spring wheat and durum harvest were nearly done and the “overall average HRS grade is U.S. No. 1 Northern Spring (NS), and the overall average northern durum grade is U.S. No. 2.” Hard Amber Durum (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 at +100; 14 proteins were up 25 to up 10 at +125 to +130; 14.5% proteins were at +125B; 15% proteins were up 35 +250B and 16% proteins were not quoted. Wheat receipts on the exchange floor were 13 cars, which includes zero train(s) (again today). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight.

CME December oats closed down 1 1/2 cent at $2.97 1/4, and March oats closed down 2 cents at $3.18. There were 382 September contracts traded, and 47 December contracts traded.

CORN:

December corn closed up 2 1/4 cents at $4.13 and March corn was up 2 cents at $4.29 1/4, closing higher and following wheat today. Weekly inspections came out this morning from USDA with another strong inspections report for corn. USDA reported inspections totaled 44.5 million bushels (mb) for the week ending Oct. 9. Total inspections for 2025-26 are now at 313 mb, up 65% from the previous year. USDA is estimating corn exports to total 2.975 bb in 2025-26, up 5% from the previous year. Corn inspections in 2025-26 are running well ahead of USDA’s estimated pace at a time when USDA’s estimate of corn ending stocks is 45% higher than the previous five-year average. Wheat inspections also had a good report last week showing total inspections for 2025-26 are now at 392.0 mb, up 18% from the previous year. As for cash wheat, prices are still good especially with harvest going on and the PNW is bidding a 10 cent carry between now and the first half of December.

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

Follow her on social platform X @MaryCKenn