Canola feels weather and trade heat

Canola felt the heat of mild weather and trade news in the United States as it fell on the ICE futures market. For a third day in row agricultural commodities on North American markets dropped. Canola was not as badly injured as it soybean cousin, but was still off, pulled down by soybeans.

An announcement by the American president that an additional 10 percent tariff would be applied to another US$300 billion in Chinese exports to the U.S. September 1, and with little chance of a trade deal by then, following earlier comments that a deal might be forthcoming until after the 2020 election, soy buyers had little room for optimism about American supplies.

Canola was down C$1.60 per tonne to $441.90 on the November contract, down $1.50 for January, $2.10 for March, $1.60 for May and 80 cents for July.

U.S. soybeans on Chicago were off 17 US cents for the day’s trading of the August futures, finished at US$ 8.46-25 per bushel. September, November and January were all off 16.25, nearly two percent, after falling similar amounts July 31.

Corn dropped 7.5 cents taking it below $4, to $3.92 for September on Chicago, with similar and diminishing losses throughout the contracts through next July, where it held out at $4.23-50.

Spring wheat was spared the drops, remaining unchanged for the Minneapolis crop, stalled at $5.19-50, all others took haircuts similar to corn.

On Prairies elevator markets, spring wheat took a hard hit for August 1. In northwestern Saskatchewan it dropped C$9.74 per tonne to $215.76. In western Manitoba it slipped $4.90 to $209.74, in southern Alberta $5.80 to $225.59 and in the north $10 down to $222.64 and the Peace $11 to $217.60, according to Alberta Wheat’s PDQ system.

Durum too was hit hard, down $11.46 per tonne to $235.60 in southeastern Saskatchewan, shedding $3.21 in southern Alberta, getting to $242.07 and dropping $11.81 in western Manitoba.

Yellow peas were mostly flat in elevator bids, while canola shed between 50 cents and $4 per tonne, in a range of $409 to $417 per tonne.

Feed wheat in southern Alberta was brining $253.71, in the north $247.25 and the Peace $218.98. Respectively barley was $270, $253 and $219. Bids for oats were $224.22 in the north and $254.80 in the south.

China was buying U.S. soybeans, picking up 2.5 million bushels last week according to USDA export reports. These were the first sales between those countries in about a month.

Reports from Ukraine show wheat harvest ahead of schedule and yields being similar to last season.

Global grain intelligence business Agritel, based in Paris, with offices in China and Ukraine, suggests that overall the European Union production will be down despite better than expected yields from the French wheat crop. Rapeseed production for Europe will also be likely be lower than last season.

Agritel says barley prices in the Black Sea are running in the US$165 per tonne area at Odessa, down $3 under early harvest pressure. Wheat is about $175 and dropping, as is corn at $164, the latter being down $10 per tonne on the month. Ukrainian farmers are expected an average to better than average crop this year.

Rapeseed in the Black Sea region is down, bringing $392 per tonne. Recent rises in the Ukraine’s currency rise when compared to U.S. dollars might be causing farmers to retain grain in hopes of a decline and this may also be playing into prices in the region.

Name / Contract High Low Last Change Settlement
Canola Nov 2019 (updated 1:19PM(CST) on 8/1/2019) 445.00 440.00 441.90 -1.60 441.90
Canola Jan 2020 (updated 1:19PM(CST) on 8/1/2019) 452.60 447.60 449.60 -1.50 449.60
Canola Mar 2020 (updated 1:18PM(CST) on 8/1/2019) 459.60 454.70 456.10 -2.10 456.10
Canola May 2020 (updated 1:18PM(CST) on 8/1/2019) 465.90 460.90 462.30 -1.60 462.30
Canola Jul 2020 (updated 1:18PM(CST) on 8/1/2019) 470.60 466.70 468.20 -0.80 468.20
Soybean Aug 2019 863.75 842.75 847.00 -17.00 846.25
Soybean Sep 2019 869.25 847.25 852.75 -16.25 853.50
Soybean Nov 2019 882.00 860.00 865.25 -16.25 866.00
Soybean Jan 2020 895.25 873.75 878.75 -16.25 879.50
Soybean Mar 2020 908.50 886.75 891.75 -16.75 892.75
Soybean May 2020 920.25 899.50 903.50 -17.00 903.25
Soybean Meal Aug 2019 298.20 292.00 293.20 -5.00 293.60
Soybean Meal Sep 2019 300.60 293.30 295.10 -5.40 295.60
Soybean Meal Oct 2019 302.20 294.90 296.70 -5.40 296.90
Soybean Oil Aug 2019 28.04 27.50 27.68 -0.07 27.64
Soybean Oil Sep 2019 28.20 27.60 27.80 -0.08 27.75
Soybean Oil Oct 2019 28.32 27.74 27.92 -0.08 27.87
Corn Sep 2019 403.00 387.25 392.75 -7.50 392.00
Corn Dec 2019 412.25 397.25 402.50 -7.50 401.75
Corn Mar 2020 422.75 408.00 413.25 -7.25 412.50
Corn May 2020 428.00 414.50 419.75 -6.25 418.50
Corn Jul 2020 432.25 419.50 424.50 -5.75 423.50
Oats Sep 2019 261.00 257.00 258.50 2.50 259.50
Oats Dec 2019 267.75 263.25 265.25 1.50 265.00
Oats Mar 2020 270.50 268.25 269.50 0.75 270.00
Oats May 2020 269.00 269.00 269.00 0.75 268.25
Oats Jul 2020 268.75 268.75 268.75 0.75 268.00
Wheat Sep 2019 488.50 471.75 475.75 -11.50 475.75
Wheat Dec 2019 494.00 476.50 480.75 -12.50 481.00
Wheat Mar 2020 504.25 487.50 491.75 -12.50 492.00
Wheat May 2020 510.25 494.25 497.75 -13.00 497.50
Wheat Jul 2020 515.00 497.50 501.00 -13.25 501.50
Spring Wheat Sep 2019 521.50 514.00 519.50 unch 519.50
Spring Wheat Dec 2019 534.75 528.25 533.00 -0.25 533.00
Spring Wheat Mar 2020 548.25 543.25 547.25 -0.50 547.25
Spring Wheat May 2020 556.25 553.50 554.00 -2.50 554.00
Spring Wheat Jul 2020 565.00 563.00 563.00 -2.50 563.00
Hard Red Wheat Sep 2019 425.50 410.75 415.75 -7.00 415.25
Hard Red Wheat Dec 2019 443.00 428.00 433.25 -7.25 432.75
Hard Red Wheat Mar 2020 459.50 445.25 450.50 -6.75 449.75
Hard Red Wheat May 2020 470.25 457.25 462.25 -6.75 461.00
Hard Red Wheat Jul 2020 476.50 464.25 468.00 -6.75 468.00
Live Cattle (Pit) Aug 2019 107.88 107.88 107.88 0.97 107.88
Live Cattle (Pit) Oct 2019 108.73 108.73 108.73 1.08 108.73
Live Cattle (Pit) Dec 2019 112.85 112.85 112.85 0.63 112.85
Feeder Cattle (Pit) Aug 2019 141.23 141.23 141.23 -0.30 141.23
Feeder Cattle (Pit) Sep 2019 141.53 141.53 141.53 -0.92 141.53
Feeder Cattle (Pit) Oct 2019 141.53 141.53 141.53 -1.03 141.53
Lean Hogs (Pit) Aug 2019 76.80 76.80 76.80 -2.53 76.80
Lean Hogs (Pit) Oct 2019 67.48 67.48 67.48 -3.53 67.48
Lean Hogs (Pit) Dec 2019 66.25 66.25 66.25 -4.03 66.25
Canadian Dollar Aug 2019 0.7574 0.7561 0.7568 -0.0014 0.7568
Crude Oil WTI Sep 2019 57.99 53.59 54.29 -4.29 54.29

Prices updated at 1:20PM(CST) on 8/1/2019

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