Canola below $490, chasing the beans lower

Soybeans continued lower again on Chicago, taking canola along for the ride.

American trade-related subsidy programs, now up to US$12 billion, are exacerbating the fall, as that country’s taxpayers shoulder the burden of avoiding the political pressure of starving out U.S. farmers and processors over a trade war with China.

Canola was down more than C$4 again today, with November futures ending below $490 per tonne at $488.60. January broke through another barrier, falling below $500, reaching $495.20. March 2019 hung on at $500 even. A stronger dollar, finishing up 0.2 of a cent at 77.36 US cents, also put pressure on canola prices.

Cash prices mirrored the futures fall again today.

On Chicago, with the exception of September oats and December winter wheat, all other major commodities were off, including livestock.

In Western Canada wheat was down, but by less than in the previous several days, likely stemmed by global cereal news that puts wheat stocks lower than some expected, with a few notable exceptions.

Undermining the soft soybean market was USDA news that the crop is improving in the field, moving from 67 to 68 percent good to excellent, while the Crop Progress report says pod development and leaf drop are both ahead of the five-year average.

The U.S. spring wheat harvest is now 77 percent complete, jumping 17 percent for the week, also ahead of the five-year American average, which would normally be at 61 percent.

India’s agriculture ministry puts that country’s wheat production for the 2017/18 crop year at a record 99.7 million tonnes, up one million from last year’s record crop.

Name / Contract High Low Last Change Settlement
Canola Nov 2018 (updated 1:49PM(CST) on 8/28/2018) 492.50 487.30 488.60 -4.30 488.60
Canola Jan 2019 (updated 1:49PM(CST) on 8/28/2018) 498.60 493.80 495.20 -4.20 495.20
Canola Mar 2019 (updated 1:49PM(CST) on 8/28/2018) 503.30 499.00 500.00 -4.00 500.00
Canola May 2019 (updated 1:49PM(CST) on 8/28/2018) 507.00 503.20 503.30 -4.10 503.30
Canola Jul 2019 (updated 1:49PM(CST) on 8/28/2018) 509.40 506.10 506.10 -2.80 506.10
Soybeans Sep 2018 836.50 820.25 820.75 -14.00 820.50
Soybeans Nov 2018 850.50 833.00 833.75 -14.50 833.25
Soybeans Jan 2019 863.50 846.50 847.25 -14.50 846.50
Soybeans Mar 2019 876.75 860.00 860.50 -14.50 860.00
Soybeans May 2019 888.25 871.75 872.25 -14.25 872.00
Soybeans Jul 2019 896.50 882.00 883.00 -13.25 882.25
Soybean Meal Sep 2018 306.70 300.60 300.90 -5.40 300.70
Soybean Meal Oct 2018 308.40 302.20 302.40 -5.70 302.30
Soybean Meal Dec 2018 311.20 304.50 304.90 -5.70 304.70
Soybean Oil Sep 2018 28.57 28.12 28.19 -0.18 28.18
Soybean Oil Oct 2018 28.71 28.26 28.33 -0.19 28.33
Soybean Oil Dec 2018 28.95 28.50 28.58 -0.18 28.58
Corn Sep 2018 347.75 340.75 340.75 -6.00 341.00
Corn Dec 2018 362.50 356.00 356.00 -5.50 356.25
Corn Mar 2019 375.00 368.75 369.00 -5.00 369.00
Corn May 2019 382.25 376.00 376.00 -5.50 376.50
Corn Jul 2019 388.00 382.00 382.25 -5.00 382.25
Oats Sep 2018 252.50 245.00 248.00 0.75 247.25
Oats Dec 2018 258.25 251.00 252.50 -2.25 252.00
Oats Mar 2019 260.50 255.25 257.00 -2.75 257.00
Oats May 2019 257.50 257.50 260.00 -3.00 260.00
Oats Jul 2019 262.75 262.75 262.75 -3.00 262.75
Wheat Sep 2018 504.25 494.75 498.00 -1.25 498.25
Wheat Dec 2018 529.00 518.50 523.25 0.75 523.25
Wheat Mar 2019 552.50 542.50 545.50 -0.75 545.75
Wheat May 2019 564.50 555.00 558.25 -0.50 558.50
Wheat Jul 2019 559.00 551.25 553.50 -1.00 554.25
Spring Wheat Sep 2018 563.00 552.50 554.50 -2.25 554.50
Spring Wheat Dec 2018 586.50 575.75 577.00 -1.75 577.00
Spring Wheat Mar 2019 601.00 592.00 593.25 -1.75 593.25
Spring Wheat May 2019 607.00 601.00 601.50 -2.50 601.50
Spring Wheat Jul 2019 613.00 608.75 608.75 -4.00 608.75
Hard Red Wheat Sep 2018 508.00 498.25 499.75 -2.00 499.25
Hard Red Wheat Dec 2018 537.25 526.75 528.25 -1.75 527.75
Hard Red Wheat Mar 2019 560.00 550.25 550.75 -3.25 550.75
Hard Red Wheat May 2019 572.75 563.25 563.75 -3.75 563.75
Hard Red Wheat Jul 2019 572.25 563.25 564.00 -3.25 564.00
Live Cattle (P) Aug 2018 108.42 106.70 107.80 -0.40 107.80
Live Cattle (P) Oct 2018 109.65 107.48 108.70 -0.60 108.45
Live Cattle (P) Dec 2018 114.05 111.65 112.72 -0.93 112.60
Feeder Cattle (P) Aug 2018 150.00 149.15 149.40 -0.82 149.35
Feeder Cattle (P) Sep 2018 151.20 147.95 149.35 -1.33 149.52
Feeder Cattle (P) Oct 2018 150.78 147.08 149.40 -0.67 149.42
Lean Hogs (P) Oct 2018 55.65 51.65 51.92 -2.86 52.00
Lean Hogs (P) Dec 2018 55.25 52.58 53.32 -0.91 53.35
Lean Hogs (P) Feb 2019 64.68 61.98 63.10 -1.20 63.08
Canadian Dollar Sep 2018 0.7763 0.7706 0.7736 0.0020 0.7736
Crude Oct 2018 69.20 68.21 68.63 -0.24 68.53

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