From the first USDA World Agricultural Supply and Demand report, after the American federal shutdown, on markets analysts had been saying field commodity prices would be soft this year, unless there was a weather story. Millions of unplanted acres in the United States qualifies as a weather story.
Rain and cool conditions have kept farmers out their fields and, after a Wednesday side, the markets, like Midwest water continued to rise.
July corn futures closed up US17.5 cents today at $4.36 per bushel, with December climbing 16.5 to $4.52. Volumes were lower today, as trades took a few minutes to catch their breaths.
Soybeans on Chicago were up again, climbing 17 cents on the day, reaching $8.89 for July contracts, and November cracking $9 to get to $9.15.
Friday will see a release of the US export tallies and Monday the crop condition report, so Friday might see more bidding initiatives as firming information comes to bear.
Wheat was the big winner on the day, after a big drop on Wednesday. Rain continues to fall in the eastern Plaines, where only a month ago analysts were handing out impressive crop condition reports.
Hard red spring wheat, Minneapolis July contract, was 14.75 cents higher, reaching $5.43 per bu.
Canola closed on ICE for July at C$460 per tonne, up $1.80. November was $473.40, putting on a $1.10 on the day. May 2020 was up $1.40 at $485.80.
|Name / Contract||High||Low||Last||Change||Settlement|
|Canola Jul 2019 (updated 1:16PM(CST) on 5/30/2019)||462.10||455.30||460.00||1.80||460.00|
|Canola Nov 2019 (updated 1:19PM(CST) on 5/30/2019)||475.90||470.00||473.40||1.10||473.40|
|Canola Jan 2020 (updated 1:16PM(CST) on 5/30/2019)||480.40||475.40||478.60||1.70||478.60|
|Canola Mar 2020 (updated 1:16PM(CST) on 5/30/2019)||483.90||479.10||482.10||1.40||482.10|
|Canola May 2020 (updated 1:16PM(CST) on 5/30/2019)||487.60||482.60||485.80||1.40||485.80|
|Soybean Jul 2019||889.50||863.50||889.00||17.00||888.50|
|Soybean Aug 2019||895.75||870.50||895.50||17.00||895.00|
|Soybean Sep 2019||902.75||877.50||902.25||16.75||901.50|
|Soybean Nov 2019||916.00||890.00||915.50||17.00||914.75|
|Soybean Jan 2020||926.50||901.50||926.50||16.75||925.50|
|Soybean Mar 2020||931.75||908.00||931.75||16.25||931.00|
|Soybean Meal Jul 2019||328.10||316.10||327.40||8.40||327.80|
|Soybean Meal Aug 2019||329.30||317.40||328.70||8.60||329.00|
|Soybean Meal Sep 2019||330.90||319.10||330.20||8.50||330.50|
|Soybean Oil Jul 2019||27.92||27.42||27.78||0.05||27.78|
|Soybean Oil Aug 2019||28.02||27.54||27.90||0.06||27.89|
|Soybean Oil Sep 2019||28.11||27.65||28.01||0.06||28.02|
|Corn Jul 2019||436.75||413.25||436.25||17.50||435.75|
|Corn Sep 2019||445.50||422.75||445.25||17.25||444.75|
|Corn Dec 2019||452.25||430.50||452.25||16.50||451.50|
|Corn Mar 2020||459.50||439.75||459.25||14.75||458.50|
|Corn May 2020||460.50||442.75||460.50||13.50||459.50|
|Oats Jul 2019||320.75||313.25||318.00||3.00||318.25|
|Oats Sep 2019||297.00||290.00||297.00||6.00||294.50|
|Oats Dec 2019||288.75||278.75||287.25||2.75||286.25|
|Oats Mar 2020||288.50||280.25||288.50||2.00||286.50|
|Oats May 2020||286.00||286.00||286.00||2.00||284.00|
|Wheat Jul 2019||515.00||482.00||514.50||24.00||512.75|
|Wheat Sep 2019||522.75||490.75||522.25||23.50||520.50|
|Wheat Dec 2019||535.75||503.75||535.50||23.50||533.00|
|Wheat Mar 2020||548.50||516.25||548.50||23.50||545.00|
|Wheat May 2020||554.25||521.75||553.75||23.25||550.75|
|Spring Wheat Jul 2019||564.25||545.25||562.00||13.25||562.00|
|Spring Wheat Sep 2019||572.50||554.00||571.00||14.25||571.00|
|Spring Wheat Dec 2019||584.75||566.25||581.75||12.75||581.75|
|Spring Wheat Mar 2020||596.00||582.25||593.50||12.00||593.50|
|Spring Wheat May 2020||602.00||597.25||601.75||13.50||601.75|
|Hard Red Wheat Jul 2019||479.50||445.25||479.00||25.75||478.50|
|Hard Red Wheat Sep 2019||490.75||456.25||490.75||26.50||490.00|
|Hard Red Wheat Dec 2019||511.50||477.75||511.50||26.50||510.00|
|Hard Red Wheat Mar 2020||531.75||499.00||531.75||26.25||529.50|
|Hard Red Wheat May 2020||542.50||514.50||542.50||25.00||540.50|
|Live Cattle (Pit) Jun 2019||110.08||110.08||110.08||-2.28||110.08|
|Live Cattle (Pit) Aug 2019||105.05||105.05||105.05||-2.80||105.05|
|Live Cattle (Pit) Oct 2019||105.68||105.68||105.68||-2.48||105.68|
|Feeder Cattle (Pit) Aug 2019||138.23||138.23||138.23||-4.50||138.23|
|Feeder Cattle (Pit) Sep 2019||138.53||138.53||138.53||-4.50||138.53|
|Feeder Cattle (Pit) Oct 2019||138.35||138.35||138.35||-4.50||138.35|
|Lean Hogs (Pit) Jun 2019||83.68||83.68||83.68||-1.53||83.68|
|Lean Hogs (Pit) Jul 2019||87.88||87.88||87.88||0.08||87.88|
|Lean Hogs (Pit) Aug 2019||88.90||88.90||88.90||-0.22||88.90|
|Canadian Dollar Jun 2019||0.7419||0.7399||0.7410||0.0011||0.7410|
|Crude Oil WTI Jul 2019||59.70||56.60||56.70||-2.11||56.70|