ICE Canola, Soybeans, Corn, Wheat Higher Tuesday

MARKET SUMMARY:

November canola closed up C$28.40. December corn closed up 8 1/4 cents and March corn was up 8 cents. November soybeans closed up 29 3/4 cents and January soybeans were up 29 1/2 cents. December KC wheat closed up 7 1/4 cents, December Chicago wheat was up 8 1/2 cents, and December MIAX Minneapolis wheat was up 13 3/4 cents.

OUTSIDE MARKETS:

The Canadian dollar closed down 0.02000 at $0.71974, and the U.S. Dollar Index is up 0.29 at 99.72. The Dow Jones Industrial Average is down 475.0 points at 52,765.0. December gold is down $105.30 at $4,376.20, December silver is down $2.16 at $64.84, and December copper is down $0.1585. October crude oil is up $4.64 at $90.40, October ultra-low sulfur diesel is up $0.2844, October RBOB gasoline is up $0.0661, and October natural gas is down $0.018.

OILSEEDS:

November soybeans closed up 29 3/4 cents at $13.17 3/4, and January soybeans were up 29 1/2 cents at $13.32 3/4. October soybean oil closed at 72.45 cents, up 1.62 cents, and October soybean meal closed up $7.10 at $345.70.

“On Monday, USDA reported that 95% of U.S. soybeans have or are setting pods, still slightly ahead of average for late August. 13% of soybeans are dropping leaves, which is also ahead of average. National soybean conditions fell through the most recent week, with 58% of the crop now rated good to excellent. Although this is a three-year low for late August, it is about average over the Crop Progress time series (1989-2025). Looking at state results, the top two producers, Illinois and Iowa, were steady through the week, with Iowa’s crop the highest-rated in the nation at 77% good or excellent. However, other key states declined — with Minnesota (#3 producer) dropping 8 points from good to excellent scores after a dry second half of August. Looking ahead, above average heat may pose further issues for areas with low soil moisture. There is rainfall forecasted across the northern soybean belt, which may prove important for pod filling in drought-stricken areas,” said DTN Lead Analyst Rhett Montgomery.

CANOLA:

November canola closed up $28.40 at $841.60, and January canola closed at $851.60, up $28.30, closing higher with the strength in soybean futures and soybean oil today. Also adding support was the $4.46 surge in crude oil today, as the U.S. carried out more attacks in Iran in response to two tankers being hit in the Strait of Hormuz. Rapeseed and palm oil futures were also higher.

There were 50,205 November contracts traded and 21,116 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 $8.45 1/4, December Chicago wheat was up 8 1/2 cents at $7.82 1/2, and December MIAX Minneapolis wheat was up 13 1/2 cents at $7.650.

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 are not quoted; 13% proteins are not quoted; 13.5% proteins are not quoted; 14% proteins are up 5 to down 5 at +120; 14.5% proteins are at +115; 15% proteins are down 20 to unchanged at +180 to +200, and 16% proteins are 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.

OATS:

CME December oats closed up 8 1/4 at $3.31 1/2 and March oats closed up 8 3/4 at $3.95 1/4. There were 479 December contracts traded and 19 December contracts traded.

CORN:

December corn closed up 8 1/4 cents at $5.46, and March corn was up 8 cents at $5.60 1/4, closing higher with strong gains in soybean futures and higher wheat futures. For the month of August, corn saw its largest cash gain since 2011. In Monday’s crop progress report, USDA NASS estimated that 57% of the crop was in good-to-excellent condition, unchanged versus prior week while 17% of the crop was rated very poor to poor, steady with the prior week. The poorest-rated states are Colorado at 30% poor and 25% very poor, North Dakota at 26% poor and 17% very poor, South Dakota at 21% poor and 11% very poor and Texas at 23% poor and 12% poor to very poor.

“In world corn news, European futures eased Monday after three straight higher days including a Friday surge to the highest most-active price since March of 2023. Rumors again circulated to begin the week that Turkey is attempting to broker an agreement between Russia and Ukraine to free up grain exports. However, past attempts have proved fruitless — and even if an agreement were reached there are now serious questions as to what the capacity would be with reports of considerable damage to port infrastructure. In the long run, however, such an agreement would likely weigh on corn prices, with any added optimism for Ukraine’s ability to supply drought-stricken Europe with corn would dampen expectations for increased U.S. business across the Atlantic. The DTN National Corn Index finished Friday at $4.88. Monday’s futures close and Friday’s national average corn basis of 48 cents under the December board would indicate the index on Monday afternoon to be near $4.89.” Montgomery said.

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