With the Sept. 1 deadline creeping ever closer, whether Canada and China come to an agreement over dockage levels may have plenty to say about canola market direction.
After smashing yield records for wheat this year, Ontario farmers don't expect to do nearly as well with their biggest cash crops - grain corn and soybeans. Read more on production of these crops from this London Free Press article.
Canola futures finished lower on Wednesday, tracking losses in the Chicago Board of Trade soy complex.
Minneapolis spring wheat futures fell heavily for the second straight down on Wednesday, as the price spread between nearby spring wheat and winter wheat continued to erode.
With harvest just around the corner now, the weather remains the big topic for the North American dry bean crop, according to the latest crop update from Thompsons Ltd.
Canadian dry pea and lentil production are both expected sharply higher this year, but only one actually did well amid the wet Prairie growing season.
Canola futures posted just modest gains on Tuesday, following a lower-than-expected production estimate from Statistics Canada.
Crop futures all ended lower on Tuesday, with wheat leading the way down.
Statistics Canada's first crop production estimates for the 2016 growing season may have raised a few eyebrows, but the numbers are still likely to change, according to most trade analysts.
Sporadic rainfall, high humidity and wet field conditions have slowed harvest progress in areas of Manitoba. However, harvest does continue as weather and field conditions allow, according to the latest weekly provincial crop report.