Canola remained under pressure again today, chasing soybeans lower as crop conditions in the American Midwest improved, according to USDA.
November canola was down, headed towards that psychological support-point around $500 per tonne, settling at $501.60 Wednesday. After a couple of stronger days, soybean oil price on Chicago was off slightly, often a partial leg of support for canola, lending strength to crusher margins and demand.
On Canadian cash markets, Spring No. 1 hard red spring wheat, 13.5 percent protein wheat was off slightly to flat, while Canada Prairie spring was down more. Durum was also down slightly, reaching $260.80 per tonne at the elevator in southern Alberta, $258.23 in western Manitoba and $256.63 in southwestern Saskatchewan. CWRS was being bought in a range of $267.21 in the west, $254.06 in the east and $250.83 in the central Prairies.
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U.S. livestock: Cattle futures rise as Cattle on Feed report shows lower inventory
Cattle futures climbed again on Friday as USDA data showed a continued decline in cattle on feed. Hogs also rose.
Black Sea region, post-harvest exports appear to be creating some negative pressure on prices, however global stocks of wheat are sliding overall. Despite this, supplies of wheat on a world-scale remain strong enough to keep a cap on major upward moves suggest analysts.
Cash canola elevator prices were $472.91 in the west, $464.95 east and $467.67 in the central Prairies. All of these cash prices were according to the Alberta Wheat Commission’s PDQ price reporting service. A stronger Canadian dollar, finishing up at US$76.92 didn’t help Canadian prices, this was in part related to stronger crude oil.
On Chicago, all commodity crops were off, with the exception of oat futures. Soybeans and corn slipped two percent on the day and rumours of Chinese and American trade discussions failed to provide any optimism for traders.
The Ukraine continues to expand its corn production, exporting nearly 40 million bushels in this marketing year, according to that country’s ministry of agriculture. To put this into perspective American exports last week, for the week, were similar numbers. Corn on Chicago was off 7.25 US cents, settling at US$3.52-50 per bushel, December followed at $3.66-75. Minneapolis spring wheat was down 2.5 cents at $5.68-25. Oats for September were up 3.25 cents to reach $2.59-75.
Cattle and hogs both showed signs of weakness on American markets today.
| Name / Contract | High | Low | Last | Change | Settlement |
| Canola Nov 2018 (updated 1:19PM(CST) on 8/22/2018) | 507.00 | 500.30 | 501.60 | -5.90 | 501.60 |
| Canola Jan 2019 (updated 1:19PM(CST) on 8/22/2018) | 512.50 | 506.70 | 507.90 | -5.70 | 507.90 |
| Canola Mar 2019 (updated 1:14PM(CST) on 8/22/2018) | 517.00 | 511.10 | 512.40 | -5.50 | 512.40 |
| Canola May 2019 (updated 1:14PM(CST) on 8/22/2018) | 519.00 | 514.20 | 515.50 | -5.60 | 515.50 |
| Canola Jul 2019 (updated 1:14PM(CST) on 8/22/2018) | 519.60 | 514.80 | 516.10 | -5.60 | 516.10 |
| Soybeans Sep 2018 | 873.75 | 857.25 | 858.50 | -16.00 | 858.25 |
| Soybeans Nov 2018 | 885.25 | 869.00 | 870.75 | -15.25 | 870.25 |
| Soybeans Jan 2019 | 898.00 | 882.00 | 883.50 | -15.25 | 883.25 |
| Soybeans Mar 2019 | 909.25 | 894.25 | 895.75 | -14.50 | 895.50 |
| Soybeans May 2019 | 920.00 | 905.75 | 906.75 | -14.25 | 906.50 |
| Soybeans Jul 2019 | 928.75 | 914.75 | 915.50 | -14.25 | 915.50 |
| Soybean Meal Sep 2018 | 325.10 | 321.00 | 321.10 | -3.80 | 321.10 |
| Soybean Meal Oct 2018 | 326.00 | 321.80 | 322.00 | -3.70 | 322.00 |
| Soybean Meal Dec 2018 | 327.50 | 322.80 | 323.30 | -3.90 | 323.20 |
| Soybean Oil Sep 2018 | 28.61 | 28.14 | 28.25 | -0.34 | 28.22 |
| Soybean Oil Oct 2018 | 28.74 | 28.27 | 28.38 | -0.35 | 28.35 |
| Soybean Oil Dec 2018 | 28.96 | 28.48 | 28.58 | -0.37 | 28.56 |
| Corn Sep 2018 | 359.25 | 352.25 | 352.50 | -7.25 | 352.50 |
| Corn Dec 2018 | 373.75 | 366.50 | 367.00 | -7.25 | 366.75 |
| Corn Mar 2019 | 385.50 | 378.50 | 379.25 | -7.00 | 379.00 |
| Corn May 2019 | 392.75 | 385.75 | 386.25 | -7.00 | 386.25 |
| Corn Jul 2019 | 398.50 | 391.75 | 392.25 | -6.75 | 391.75 |
| Oats Sep 2018 | 260.25 | 255.00 | 260.25 | 3.25 | 259.75 |
| Oats Dec 2018 | 265.75 | 261.50 | 264.00 | 0.25 | 264.50 |
| Oats Mar 2019 | 270.00 | 269.25 | 269.25 | 1.00 | 269.25 |
| Oats May 2019 | 272.25 | 272.25 | 272.25 | 0.75 | 272.25 |
| Oats Jul 2019 | 274.50 | 274.50 | 274.50 | 0.50 | 274.50 |
| Wheat Sep 2018 | 533.00 | 520.50 | 528.25 | 1.00 | 526.00 |
| Wheat Dec 2018 | 552.50 | 540.00 | 547.50 | -0.25 | 545.25 |
| Wheat Mar 2019 | 575.25 | 563.50 | 570.25 | -1.00 | 568.50 |
| Wheat May 2019 | 586.50 | 574.25 | 579.75 | -2.00 | 579.75 |
| Wheat Jul 2019 | 580.00 | 568.00 | 575.00 | unch | 573.25 |
| Spring Wheat Sep 2018 | 592.25 | 584.75 | 586.25 | -2.50 | 586.25 |
| Spring Wheat Dec 2018 | 609.25 | 602.00 | 603.50 | -2.75 | 603.50 |
| Spring Wheat Mar 2019 | 623.50 | 616.25 | 618.50 | -2.75 | 618.50 |
| Spring Wheat May 2019 | 630.25 | 624.50 | 626.25 | -2.50 | 626.25 |
| Spring Wheat Jul 2019 | 630.00 | 629.00 | 629.75 | -2.00 | 629.75 |
| Hard Red Wheat Sep 2018 | 539.25 | 524.50 | 532.25 | -2.25 | 530.00 |
| Hard Red Wheat Dec 2018 | 566.75 | 552.00 | 559.00 | -3.25 | 557.25 |
| Hard Red Wheat Mar 2019 | 591.25 | 576.75 | 582.75 | -4.50 | 582.00 |
| Hard Red Wheat May 2019 | 602.25 | 589.00 | 595.50 | -3.50 | 594.25 |
| Hard Red Wheat Jul 2019 | 598.00 | 586.25 | 592.50 | -2.25 | 591.00 |
| Live Cattle (P) Aug 2018 | 109.00 | 107.68 | 108.25 | -1.03 | 108.22 |
| Live Cattle (P) Oct 2018 | 110.00 | 108.30 | 109.20 | -1.27 | 108.90 |
| Live Cattle (P) Dec 2018 | 114.30 | 112.72 | 113.50 | -1.18 | 113.22 |
| Feeder Cattle (P) Aug 2018 | 149.20 | 148.37 | 148.95 | -0.23 | 148.70 |
| Feeder Cattle (P) Sep 2018 | 150.60 | 148.40 | 149.28 | -1.72 | 149.15 |
| Feeder Cattle (P) Oct 2018 | 150.65 | 147.88 | 148.70 | -2.23 | 148.62 |
| Lean Hogs (P) Oct 2018 | 55.30 | 53.40 | 53.52 | -2.71 | 53.60 |
| Lean Hogs (P) Dec 2018 | 53.10 | 51.20 | 51.60 | -2.30 | 51.68 |
| Lean Hogs (P) Feb 2019 | 61.00 | 59.40 | 59.72 | -1.83 | 59.90 |
| Canadian Dollar Sep 2018 | 0.7703 | 0.7670 | 0.7700 | 0.0031 | 0.7692 |
| Crude Oct 2018 | 68.08 | 65.98 | 67.93 | 2.09 | 67.86 |
