The November contract had traded just above the $770 per ton level on several occasions, but finally fell.

The ICE Futures canola market fell below nearby chart support as losses in Chicago soybeans spilled over to weigh on values.

The November contract had traded just above the $770 per ton level on several occasions over the past week, but finally fell below that point ,uncovering additional speculative selling.

A lack of any significant Prairie weather concerns remained a bearish influence on the canola market, although ideas that yields were hurt by hot and dry weather earlier in the growing season remained supportive.

A downward revision to U.S. soybean production from the U.S. Department of Agriculture was also supportive, but soybeans still moved lower as better weather over the past few weeks had traders second-guessing the report.

Using an average yield of 50.9 bushels per acre, the USDA pegged 2023/24 production in the country at 4.205 billion bushels. That was down by 95 million from the June estimate and at the lower end of trade expectations.

Ending stocks for 2023/24 were cut to only 245 million bushels, down from an anticipated 300 million in June and below the 260 million tonnes of carryout expected for the current marketing year.

CORN was also weaker, despite supportive production data, amid ‘buy the rumour, sell the fact’ activity.

Average U.S. corn yields were pegged at 175.1 bushels per acre by the government agency, which would still be up on the year but down from the 177.5 bu/ac. forecast in June. Total corn production for the U.S. at an estimated 15.111 billion bushels was cut by about 200 million from June, but still well above last year’s 13.73-billion-bushel crop.

New crop corn ending stocks were pegged at 2.202 billion bushels, down by 60 million from June, while the old crop carryout was raised by 55 million bushels – now at 1.457 billion.

The USDA trimmed its forecast for U.S. wheat production to 1.734 billion bushels, from last month’s forecast of 1.739 billion bushels. Of that total, spring wheat production in the country was forecast at 450 million bushels, down from 482 million a year ago.

Canada’s wheat crop was pegged at 33 million tons by the USDA, down by two million from an earlier estimate.