The net fund short position in canola grew in mid-September, as speculative selling took the futures to contract lows, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Chicago corn and wheat futures ticked down on Thursday following lackluster export sales data released by the U.S. Department of Agriculture. Soybeans were dragged along for the ride despite more encouraging numbers, said analysts.
Canadian purchases of corn from the United States are off to a slow start in the 2024-25 marketing year, with ample old crop barley supplies likely limiting demand.
Soybean futures climbed on Wednesday on a round of short covering sparked by concerns over hot, dry weather in top producer Brazil that may threaten soybean seeding, traders said.
Chicago wheat futures eased on Tuesday as geopolitical tensions between Russia and Ukraine faded into the background and brisk exports of Black Sea wheat continued to pose tough competition to U.S. wheat exports, traders said.
Chicago wheat futures dipped from three-month highs on Monday on profit taking following the previous week's rally sparked by crop concerns in Europe and escalating tensions between Russia and Ukraine, traders said.
Chicago Board of Trade wheat futures reached a 12-week high on Friday as escalating tensions in Russia's war with Ukraine increased uncertainty about Black Sea exports.
Chicago Board of Trade corn futures ended higher on Thursday, rebounding from a drop to near two-week lows after the U.S. Department of Agriculture (USDA) raised its estimate of the U.S. corn crop, traders said.
U.S. wheat futures hit a one-week high on Wednesday, supported by signs that supply pressure from the Black Sea export region may be easing, analysts said.