Chicago Board of Trade soybean and corn futures fell on Friday, as hefty supply from a rapid U.S. harvest weighed heavily over contracts, market analysts said.
Voluntary country of origin labelling (vCOOL) for beef and pork, biofuel tax credit changes, and an impending U.S. farm bill are three U.S. agriculture trends worth watching according to recent analysis from Farm Credit Canada (FCC).
Harvest operations across Manitoba are nearly complete, with only sunflowers and corn still left to come off the fields, according to the latest provincial crop report for the week ended Oct. 22.
Chicago soybean futures edged higher on Wednesday as U.S. Vice President Kamala Harris' lead over Republican challenger Donald Trump in some election polls calmed concerns that a trade war with China could heat up, according to analysts.
Chicago soybean and corn futures turned higher on Tuesday as a flurry of export sales helped stem market pressure from a fast-moving U.S. harvest and improved planting weather in South America, analysts said.
U.S. soybean export premiums are at their highest in 14 months, as grain merchants race to ship out a record-large U.S. harvest ahead of the U.S. presidential election and fears of renewed trade tensions with top importer China, traders and analysts said.
The net fund short position in canola declined for the fourth week in a row in mid-October, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).