Canola futures were modestly lower Wednesday, following significant losses in the vegetable oil market.
Soybean futures declined on Wednesday, giving back most of the gains of the day before. Corn was also lower, while wheat ended mixed.
Canola futures finished slightly lower on Tuesday due to speculative trade.
Corn and soybean futures rallied on Tuesday, as U.S. harvest progress did not meet expectations. Wheat was also higher.
Current prices are likely offering soybean growers an opportunity to sell a portion of next year's crop, according to the latest farmdoc daily article from Darrel Good.
The first acres of grain corn and sunflowers have come off in Manitoba, although rain over the weekend did slow the province's harvest, according to the latest weekly provincial crop report.
A deal struck last week that will allow Canadian canola shipments to flow unimpeded to China reflects a willingness to manage risk and facilitate trade, according to the Canola Council of Canada (CCC).
U.S. winter wheat planting and emergence is proceeding exactly on schedule.
Like the corn harvest, the U.S. soybean harvest is also still struggling to gather pace.
Heavy rain across parts of the Midwest last week and into the weekend, dented U.S. corn harvest progress this past week.