The Good: Soymeal December futures jumped by US$7.40 per short ton to close the day at a new contract high of US$324.80 per ton. The good news is that the rally over the past two months has pushed soybean meal above nine year lows in soybean meal set earlier this year. Soybean meal futures have jumped up to the highest levels since August 2024. The good news is that soybean meal prices should provide some support for domestic yellow pea prices.
The Bad: Canola futures traded sideways today with nearby futures trading up 30 cents per tonne and settled at C$640.40 per tonne. The bad news is that canola was essentially unchanged while soybean futures were up by 13 to 14 cents per bushel. Soybean oil futures were also up by 0.32 per cent which did little to support canola futures. European rapeseed futures closed up by 0.16 per cent during today’s trade but wasn’t enough to provide more support for canola.
To continue reading, please subscribe to Western Producer
Subscribe nowAlready a subscriber? Log In
The Ugly: Spring wheat futures were down by one cent per bushel to close at US$5.56 per bushel. The ugly news is that the spring wheat contract tested the 20 day moving average which is currently at US$5.54 per bushel. The spring wheat contract continues to trade just above the recent contract lows and show no sign of staging a rally. The irony is that demand for wheat has been strong, especially spring wheat. U.S. and Canadian spring wheat exports have been very strong. The spread between the March spring wheat and Kansas City March futures closed the day at 21 cents per bushel. This spread is well below the 30 to 35 cent per bushel average spread between the two contracts.
