ICE Canola, Soybeans, Wheat Lower; Corn Higher Friday

MARKET SUMMARY:

July canola was down C$7.50. July corn closed up 1 cent and December corn was up 3/4 cents. July soybeans closed down 1 1/2 cents and November soybeans were down 2 cents. July KC wheat closed down 1/4 cents, July Chicago wheat was down 2 1/4 cents, July MIAX Minneapolis wheat was down 1 1/4 cents.

OUTSIDE MARKETS:

The Canadian dollar closed up 0.000015 at $0.715322 and U.S. Dollar Index is down 0.14 at 99.72. The Dow Jones Industrial Average is up 403.0 points at 51,278.0. August gold is up $134.00 at $4,248.0, July silver is up $4.34 at $68.34 and July copper is up $0.190. July crude oil is down $2.98 at $84.73, July ultra-low sulfur diesel is down $0.1096, July RBOB gasoline is down $0.0538 and July natural gas is up $0.034.

OILSEEDS:

July soybeans closed down 1 1/2 cents at $11.13 1/2 and August soybeans were 1 3/4 cents at $11.18 3/4. For the week, July soybeans closed down 8 cents and November soybeans were down 5 1/2 cents. July soybean oil closed at 74.28 cents, down 0.17 cent, and July soybean meal was down $0.40 at $301.30.

“Thursday’s WASDE saw another reshuffling of demand from USDA, taking another 20 mb out of the export program and moving it to domestic crush. The timing of another cut to export demand is interesting, considering that soybean commitments for 2025-26 are now running ahead of USDA’s estimated pace as of early June, though shipments had still been lagging. The crush adjustment is more than justified given the outstanding pace through April as well as record level margins. Overall, in my opinion the U.S. balance sheet from 2025-26 to 2026-27 continues to sit on the fence between a price neutral and price bullish situation, with reserves still expected to fall to 310 mb by next summer which is dependent on a record tying national average yield, stressing the significance weather will continue to play in trader bias moving forward. Of course, the wild card will be where actual planted acreage lands, to which we will receive a big clue on June 30,” said DTN Lead Analyst Rhett Montgomery.

CANOLA:

July canola closed down $7.50 at $757.20 and November canola closed at $765.90 down $7.10, closing lower with losses in the crude oil and soybean oil markets, with European rapeseed and Malaysian palm oil closed lower. Crude oil fell 3% today after President Trump said a peace deal was expected to be signed by Sunday.

Ontario crop report noted that as of June 10, “Spring canola is still being seeded in northern regions such as Temiskaming, North Bay and Manitoulin. Winter canola is at full bloom (eastern Ontario) to various stages of pod fill across the province. It is recommended to scout for Cabbage Seedpod Weevil, as it has been found above threshold in some winter canola fields.”

There were 20,039 July contracts traded and 35,685 November contracts traded.

ICE reported the following canola cash prices:

1 Canada NCC: CAD per MT

WHEAT:

July KC wheat closed down 1 1/4 cents at $6.34 1/2, July Chicago wheat was down 2 1/4 cent at $5.84 1/2 and July Minneapolis wheat was down 1 1/4 at $6.18 1/4. For the week, July KC wheat closed up 13 3/4 cents, July Chicago wheat was up 4 1/2 cents and July Minneapolis wheat was down 1 1/4 cents.

Ontario crop report noted as of June 10 “Winter wheat has progressed to flowering across southern Ontario. Fields in lower heat unit regions are still in the early boot to heading stages with fields in northern Ontario in the stem elongation phase. Yield potential remains strong, with high head counts reported in fields. However, crop development is slightly accelerated in some regions, and if forecasted heat occurs it could impact the grain fill period.”

US Wheat Associates said in their weekly harvest report that “Harvest is underway for winter wheat classes, with HRW progress slowed by frequent rain across the southern and central Plains and SRW harvest expanding in southern states. Recent moisture has helped stabilize spring wheat and durum conditions in the Northern Plains, though crop ratings remain mixed and additional moisture will be needed in drier areas. Soft white wheat conditions in the Pacific Northwest remain mostly favorable as winter wheat advances toward maturity.” Here is a link to the report: https://uswheat.org/wp-content/uploads/2026/06/HR-260610.pdf

The MIAX Futures Exchange LLC floor trading summary of spot milling spring wheat cash premiums closed as follows, basis the July MIAX spring wheat futures: 12% proteins are not quoted; 13% proteins are unchanged at +120; 13.5% proteins are down 20 to down 10 at +130 to +140; 14% proteins are down 5 to down 10 at +130; 14.5% proteins are unchanged at +145N; 15% proteins are up 15 to up 5 at +225B to +230B and 16% proteins were not quoted. Wheat receipts on the exchange floor were 11 cars, which includes zero train*(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight.

CME July oats closed down 9 1/2 cents at $3.06 and September oats closed down 9 cents at $3.27. There were 447 May contracts traded, and 199 July contracts traded.

CORN:

July corn closed up 1 cent per bushel at $4.12 3/4 and September closed up 3/4 cent at $4.20 3/4, closing slightly higher but for the week, July corn closed down 4 3/4 cents and December corn was down 5 3/4 cents. The corn market still isn’t strong celebrating the weekly export sales for last week, as the somewhat bearish WASDE report still hangs over the market.

ONTARIO CROP REPORT

Crop progress across Ontario as of June 10 has advanced significantly over the past two weeks, noted the crop report. “Most regions are wrapping up planting and moving into early-season crop management. The majority of the province has received rain in the past week. Crops are generally progressing well. Variable emergence is evident in some heavy-textured soils where late May rainfall resulted in crusting and in other regions where dry soil conditions impacted emergence. Crop stages vary significantly depending on planting date and local weather, but development overall has accelerated with recent heat. Most growers are now focused on weed control, nitrogen application in corn, and monitoring disease and insect pressure in wheat and protecting yield potential.” Here is a link to the entire report: https://fieldcropnews.com/2026/06/ontario-crop-report-june-10-2026/

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

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