Heat, shorts and covering raises crops

Canola rose on American soybean trades as the market in Chicago appeared to be busy covering short positions on the big oilseed. Combined with hot and dry weather in the region and the coming forecasts for the Midwest soybeans were up 20.25 US cents per bushel for August, September and November contracts.

Soybeans finished the day at 9.02-50, 9.08-25 and 9.20-50 respectively. Canola was up on all contracts, ending the week on ICE at C$449 per tonne, up $3.60 for November, $456, up 3.50 for January and $463.10 for March, up $3.40.

The Canadian dollar was down slightly, finishing at 76.48 cents to the U.S. currency while all other publicly-traded commodities, except for oats on American markets, were up.

Wheat was up on the day at Prairie elevators with bids ranging from a low of $217 to a high of $235 per tonne. The PDQ service from Alberta Wheat showed feed prices still competing favorably with top quality grain, as feed wheat in southern Alberta was seeing spot numbers around the $263 per tonne mark and $225 in the Peace district.

Deferred basis offers on 13.5 CWRS wheat with October delivery in Saskatchewan were showing up at about $11.50 per tonne based on $199 Minneapolis wheat futures, off about $10 from current spot, basis-influenced prices for the same grade.

Feed barley was attracting about $4 per bushel for new crop contracts in mid-Saskatchewan from some elevators.

Corn on Chicago appears to have been influenced by the jump in soy prices. While much of the American corn crop needs some heat, the markets appeared to think the current wave might be too much of a good thing, despite predictions of a cooler trend 10 days out.

News from Brazilian grain-trade experts indicates that the 2019-2020 corn crop might be as much as three or four percent lower than last season’s. And in western and central Europe crops are showing signs deterioration from the drought and hot weather, which might also be influencing buyers and traders.

Name / Contract High Low Last Change Settlement
Canola Nov 2019 (updated 1:19PM(CST) on 7/19/2019) 451.50 444.00 449.00 3.60 449.00
Canola Jan 2020 (updated 1:18PM(CST) on 7/19/2019) 458.30 452.10 456.00 3.50 456.00
Canola Mar 2020 (updated 1:18PM(CST) on 7/19/2019) 465.30 459.20 463.10 3.40 463.10
Canola May 2020 (updated 1:18PM(CST) on 7/19/2019) 471.00 465.40 468.90 3.40 468.90
Canola Jul 2020 (updated 1:18PM(CST) on 7/19/2019) 475.90 470.10 473.80 3.30 473.80
Soybean Aug 2019 905.75 879.50 901.50 20.25 902.50
Soybean Sep 2019 911.75 885.25 907.25 20.25 908.25
Soybean Nov 2019 924.00 897.25 919.25 20.25 920.50
Soybean Jan 2020 936.00 909.75 931.75 20.25 932.75
Soybean Mar 2020 945.00 920.25 940.50 19.25 942.25
Soybean May 2020 951.75 929.00 948.75 18.75 949.25
Soybean Meal Aug 2019 313.50 306.60 311.20 4.20 311.70
Soybean Meal Sep 2019 314.90 307.90 312.50 4.10 313.00
Soybean Meal Oct 2019 316.60 310.10 314.30 4.30 314.90
Soybean Oil Aug 2019 28.19 27.61 28.10 0.46 28.10
Soybean Oil Sep 2019 28.28 27.78 28.20 0.46 28.20
Soybean Oil Oct 2019 28.40 27.84 28.31 0.47 28.33
Corn Sep 2019 434.00 423.75 430.75 6.25 430.75
Corn Dec 2019 439.00 428.50 435.75 6.00 435.50
Corn Mar 2020 446.75 437.25 444.00 5.75 443.75
Corn May 2020 449.75 441.25 448.00 5.75 447.25
Corn Jul 2020 452.50 444.50 451.25 5.50 450.00
Oats Sep 2019 276.00 269.00 271.75 -3.00 274.25
Oats Dec 2019 275.00 269.00 272.25 -3.00 272.00
Oats Mar 2020 279.00 273.50 275.75 -3.00 279.00
Oats May 2020 278.00 274.75 274.75 -3.00 278.00
Oats Jul 2020 274.00 274.00 274.00 -3.00 277.00
Wheat Sep 2019 516.75 492.50 502.50 9.00 503.75
Wheat Dec 2019 527.00 504.50 513.50 8.25 515.00
Wheat Mar 2020 538.25 516.50 525.25 7.50 527.25
Wheat May 2020 543.50 525.25 531.00 7.50 532.75
Wheat Jul 2020 543.50 523.00 531.25 7.00 534.50
Spring Wheat Sep 2019 538.25 525.50 530.00 4.50 530.00
Spring Wheat Dec 2019 550.50 537.75 543.25 5.50 543.25
Spring Wheat Mar 2020 562.25 552.50 556.75 4.25 556.75
Spring Wheat May 2020 565.50 564.50 564.50 3.00 564.50
Spring Wheat Jul 2020 573.75 569.00 573.75 4.00 573.75
Hard Red Wheat Sep 2019 452.25 431.25 440.00 7.25 439.50
Hard Red Wheat Dec 2019 471.50 452.00 459.75 6.50 459.75
Hard Red Wheat Mar 2020 490.50 471.75 479.25 6.00 479.25
Hard Red Wheat May 2020 502.25 484.25 491.50 6.00 492.25
Hard Red Wheat Jul 2020 506.25 490.00 497.00 6.00 497.00
Live Cattle (Pit) Aug 2019 107.85 107.10 107.48 0.07 107.60
Live Cattle (Pit) Oct 2019 108.73 107.85 108.35 0.10 108.50
Live Cattle (Pit) Dec 2019 113.40 112.58 113.00 0.20 113.18
Feeder Cattle (Pit) Aug 2019 140.40 139.13 139.70 0.27 139.98
Feeder Cattle (Pit) Sep 2019 140.30 139.18 139.50 0.03 139.80
Feeder Cattle (Pit) Oct 2019 140.45 139.50 139.78 0.05 140.03
Lean Hogs (Pit) Aug 2019 84.55 82.00 84.08 1.30 83.88
Lean Hogs (Pit) Oct 2019 79.48 76.13 79.23 2.33 78.93
Lean Hogs (Pit) Dec 2019 77.10 74.73 76.85 1.58 76.75
Canadian Dollar Aug 2019 0.7680 0.7648 0.7648 -0.0023 0.7648
Crude Oil WTI Aug 2019 56.36 54.99 55.81 0.51 55.81

Prices updated at 1:21PM(CST) on 7/19/2019

 

 

 

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