The markets rallied on August 2 as the previous three days of losses with corn, soybean and wheat, now at or near May lows, appeared to create too much temptation for buyers looking for good deals. This happened despite fair, mild weather forecasts for the American Midwest.
Canola managed to get back some of its losses, rising $2.40 on the November contract to finish at $440.40 per tonne on ICE trading, January was up $2.30 to $452.10, March was better, at $3, ending a $459.70 and May and July both rose $3.10 to end at $466 and $471.30.
Minneapolis spring wheat contracts on Chicago gained more than they had lost earlier in the week, up 37.5 US cents ending at US$5.22-25 per bushel in September trades.
September (winter) wheat on Chicago was up 10.75 cents, taking back some ground from the past three sessions, ending at $4.90-50.
U.S. corn for September didn’t quite get back above $4, ending at $3.99-50, up 6.75 cents.
The rally in grains translated into lower cattle and hog futures prices, with small downward adjustments, however these didn’t undermine gains made throughout the week.
The Canadian dollar rose with crude oil. The Loonie was up slightly to 75.78 cents when compared with the American dollar. West Texas Intermediate crude settled at US$55.73, up $1.78 cents per barrel.
Elevator prices were up for canola and spring wheats. Southern Alberta saw CWRS offers of C$227.02 per tonne up $1.43, while in the same region canola was bringing $419.97, up $2.77. Prices ranged from $210.96 in western Manitoba, where some harvest is underway, to the southern Alberta price for HRSW. Canola sold for $419 to $412 per tonne. Prairies futures basis offers on CWRS fell in concert with rising prices.
|Name / Contract||High||Low||Last||Change||Settlement|
|Canola Nov 2019 (updated 1:19PM(CST) on 8/2/2019)||446.50||441.00||444.40||2.40||444.40|
|Canola Jan 2020 (updated 1:18PM(CST) on 8/2/2019)||454.50||449.10||452.10||2.30||452.10|
|Canola Mar 2020 (updated 1:15PM(CST) on 8/2/2019)||461.60||456.70||459.70||3.00||459.70|
|Canola May 2020 (updated 1:15PM(CST) on 8/2/2019)||467.80||463.20||466.00||3.10||466.00|
|Canola Jul 2020 (updated 1:15PM(CST) on 8/2/2019)||473.30||468.70||471.30||3.10||471.30|
|Soybean Aug 2019||853.50||845.25||850.25||3.25||850.75|
|Soybean Sep 2019||859.50||850.25||855.75||3.00||856.00|
|Soybean Nov 2019||872.25||862.75||868.50||3.25||869.00|
|Soybean Jan 2020||885.50||876.25||882.00||3.25||882.50|
|Soybean Mar 2020||898.25||889.50||894.25||2.50||894.75|
|Soybean May 2020||909.50||902.25||905.75||2.25||906.25|
|Soybean Meal Aug 2019||295.40||291.90||292.40||-0.80||292.50|
|Soybean Meal Sep 2019||297.90||294.00||294.50||-0.60||294.60|
|Soybean Meal Oct 2019||299.50||295.80||296.20||-0.50||296.40|
|Soybean Oil Aug 2019||28.22||27.67||28.19||0.51||28.22|
|Soybean Oil Sep 2019||28.38||27.75||28.32||0.52||28.35|
|Soybean Oil Oct 2019||28.49||27.88||28.44||0.52||28.47|
|Corn Sep 2019||400.00||393.50||399.50||6.75||399.50|
|Corn Dec 2019||409.75||403.00||409.50||7.00||409.75|
|Corn Mar 2020||420.75||413.75||420.50||7.25||420.50|
|Corn May 2020||426.50||420.25||426.25||6.50||426.00|
|Corn Jul 2020||431.00||425.25||430.75||6.25||430.50|
|Oats Sep 2019||271.50||258.75||265.50||7.00||267.00|
|Oats Dec 2019||274.75||265.25||270.00||4.75||271.00|
|Oats Mar 2020||277.00||271.75||274.50||5.00||274.00|
|Oats May 2020||274.00||274.00||274.00||5.00||269.00|
|Oats Jul 2020||273.75||273.75||273.75||5.00||268.75|
|Wheat Sep 2019||491.50||476.00||490.75||15.00||490.50|
|Wheat Dec 2019||492.50||480.50||491.50||10.75||491.50|
|Wheat Mar 2020||501.00||491.25||500.50||8.75||500.25|
|Wheat May 2020||506.50||497.75||506.00||8.25||506.00|
|Wheat Jul 2020||510.50||501.25||510.00||9.00||509.75|
|Spring Wheat Sep 2019||523.00||518.50||522.25||3.75||522.25|
|Spring Wheat Dec 2019||535.75||532.00||534.75||2.50||534.75|
|Spring Wheat Mar 2020||549.50||546.25||548.75||1.75||548.75|
|Spring Wheat May 2020||558.25||556.00||557.75||1.75||557.75|
|Spring Wheat Jul 2020||566.25||565.00||566.25||1.00||566.25|
|Hard Red Wheat Sep 2019||422.50||415.75||421.75||6.00||421.75|
|Hard Red Wheat Dec 2019||439.25||432.75||438.75||5.50||438.50|
|Hard Red Wheat Mar 2020||455.75||450.00||455.50||5.00||455.00|
|Hard Red Wheat May 2020||467.25||461.75||466.25||4.00||466.00|
|Hard Red Wheat Jul 2020||474.50||469.00||472.25||4.25||472.00|
|Live Cattle (Pit) Aug 2019||107.65||107.65||107.65||-0.22||107.65|
|Live Cattle (Pit) Oct 2019||107.83||107.83||107.83||-0.90||107.83|
|Live Cattle (Pit) Dec 2019||111.78||111.78||111.78||-1.08||111.78|
|Feeder Cattle (Pit) Aug 2019||139.63||139.63||139.63||-1.60||139.63|
|Feeder Cattle (Pit) Sep 2019||138.23||138.23||138.23||-3.30||138.23|
|Feeder Cattle (Pit) Oct 2019||137.98||137.98||137.98||-3.55||137.98|
|Lean Hogs (Pit) Aug 2019||76.28||76.28||76.28||-0.52||76.28|
|Lean Hogs (Pit) Oct 2019||65.73||65.73||65.73||-1.75||65.73|
|Lean Hogs (Pit) Dec 2019||63.25||63.25||63.25||-3.00||63.25|
|Canadian Dollar Aug 2019||0.7578||0.7564||0.7578||0.0019||0.7578|
|Crude Oil WTI Sep 2019||56.05||54.15||55.73||1.78||55.73|
Prices updated at 1:20PM(CST) on 8/2/2019