Despite rainfall across Saskatchewan, the province's harvest still advanced five points at 79 per cent complete as of Sept. 23. This year's pace is currently ahead of the five-year and 10-year averages.
U.S. wheat futures turned higher on Wednesday as worries about crop prospects in top global exporter Russia sparked a round of short-covering, analysts said.
Optimism over increased Chinese demand along with weather concerns in Brazil gave the Chicago soybean market a boost and triggered some fund short covering over the past week, but the futures will likely face stiff resistance to the upside going forward.
Some 45,000 union workers could walk off the job at seaports on the U.S. East and Gulf Coasts on Oct 1, cutting off vital trade arteries just weeks ahead of the nation's presidential election.
U.S. soybean and corn futures climbed to two-month highs on Tuesday, following broad gains in commodity and equity markets after China unveiled economic stimulus measures, but pared gains as forecasts called for improved crop weather in South America, analysts said.
While producers could feel the pinch of a strike at the Port of Vancouver's grain terminals within a week, the markets won't feel much of a hit unless the strike continues for three or four weeks, analysts said.
Grain terminal workers at the Port of Vancouver are on strike this morning as shown by video posted by local media on X. Video from CityNews Vancouver shows workers picketing outside of Viterra's Cascadia terminal.
Chicago Board of Trade soybean futures hit nearly a seven-week high on Monday as uncertainty about Brazilian planting weather and the size of the U.S. harvest sparked a round of fund-driven short-covering, analysts said.