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|