American trade-war compensation announcements by Secretary of Agriculture Sonny Perdue put soybean traders in a better mood and they rallied the markets behind the oilseed. Which was good news for canola and ICE futures for that crop.
The US$12 billion support package is aimed at compensating producers for the loss of markets and lower prices that are expected to hit the American industry as China and Europe retaliate for new and expanding American tariffs.
While American commodity groups were supportive of the government’s commitment to backstop farmers, they remained largely against the tariffs and trade-talks failures that created the need for them.
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North Dakota producer Kevin Skunes is the president of the U.S. National Corn Growers Association and he commented on the Agriculture Secretary’s announcement this afternoon.
“NCGA appreciates the Administration’s recognition of the harm to producers caused by tariffs and trade uncertainty. The fine print will be important. We know the package won’t make farmers whole but look forward to working with USDA on the details and implementation of this plan,” he said.
“NCGA will continue to advocate for administrative actions including: rescinding the section 232 and 301 tariffs; securing NAFTA’s future; entering new trade agreements; allowing for year-round sales of higher ethanol blends such as E15; and implementing the Renewable Fuel Standard as intended. We believe these additional actions, which would come with no cost, would result in stronger market demand for farmers.”
Cooler weather did deliver some rain in Western Canada, however many of those shower systems skirted the areas where it was most needed, leaving droughty conditions to worsen, and that too helped created support for higher canola prices.
November canola finished up $3.20 per tonne at $489.90, January was up $3.30 to $496, March topped $500 to reach $501.90 and May remain up with a $3.60 boost to get to $506.70.
Wheat, like corn, suffered in the markets today from fair weather reports and tariff uncertainty, with Minneapolis spring wheat pulling back 7-2 US cents to US$ 5.54 per bushel while hard red winter finished at $5.09. September corn lost 5.2 cents on the day, finishing at $3.52 even on Chicago.
Soybeans closed August at $8.58, up 10 cents.
Name / Contract High Low Last Change Settlement
Canola Nov 2018 491.20 485.20 490.40 3.70 490.40
Canola Jan 2019 497.50 491.10 496.90 4.20 496.90
Canola Mar 2019 502.70 496.40 501.20 3.10 501.20
Canola May 2019 506.90 501.20 506.00 2.90 506.00
Canola Jul 2019 509.00 506.20 508.10 2.90 508.10
Soybeans Aug 2018 862.75 842.50 858.75 11.00 858.00
Soybeans Sep 2018 868.25 848.00 864.25 10.75 863.50
Soybeans Nov 2018 878.00 857.00 874.00 11.25 873.25
Soybeans Jan 2019 888.25 867.50 884.25 11.50 883.75
Soybeans Mar 2019 897.00 877.00 893.25 11.25 893.00
Soybeans May 2019 906.00 886.25 903.00 11.75 902.25
Soybean Meal Aug 2018 330.00 326.10 329.10 1.10 328.90
Soybean Meal Sep 2018 329.40 325.00 328.10 1.20 328.00
Soybean Meal Oct 2018 328.50 324.00 327.40 1.40 327.30
Soybean Oil Aug 2018 28.28 27.86 28.25 0.28 28.24
Soybean Oil Sep 2018 28.36 27.98 28.33 0.26 28.34
Soybean Oil Oct 2018 28.44 28.04 28.39 0.25 28.40
Corn Sep 2018 356.50 351.50 352.75 -4.50 352.00
Corn Dec 2018 370.50 365.25 366.75 -4.50 366.00
Corn Mar 2019 382.00 376.75 377.75 -4.75 377.25
Corn May 2019 388.25 383.25 384.25 -4.75 383.75
Corn Jul 2019 394.25 389.25 390.25 -4.75 389.75
Oats Sep 2018 231.50 229.00 230.50 -1.00 230.50
Oats Dec 2018 238.75 235.25 237.00 -0.75 237.00
Oats Mar 2019 241.00 241.00 241.50 -0.75 241.50
Oats May 2019 243.25 243.25 243.25 -0.75 243.25
Oats Jul 2019 248.25 248.25 248.25 -0.75 248.25
Wheat Sep 2018 516.25 505.25 510.75 -3.00 510.25
Wheat Dec 2018 534.75 523.75 529.50 -2.75 529.25
Wheat Mar 2019 551.50 541.00 546.50 -3.00 546.50
Wheat May 2019 559.00 550.25 555.25 -2.50 555.25
Wheat Jul 2019 563.00 554.00 558.75 -2.50 558.75
Spring Wheat Sep 2018 565.00 553.50 554.75 -7.25 554.75
Spring Wheat Dec 2018 582.00 571.75 572.50 -6.00 572.50
Spring Wheat Mar 2019 597.00 587.50 588.75 -6.25 588.75
Spring Wheat May 2019 605.75 598.25 598.00 -6.00 598.00
Spring Wheat Jul 2019 615.00 607.50 606.50 -5.75 606.50
Hard Red Wheat Sep 2018 516.00 502.25 510.25 -0.50 509.75
Hard Red Wheat Dec 2018 542.00 528.25 536.25 -0.50 535.50
Hard Red Wheat Mar 2019 560.50 547.00 554.75 -0.50 554.00
Hard Red Wheat May 2019 569.25 556.50 562.75 -2.00 562.75
Hard Red Wheat Jul 2019 572.75 561.00 566.00 -3.50 566.00
Live Cattle (P) Aug 2018 108.85 107.70 108.15 -0.57 108.05
Live Cattle (P) Oct 2018 110.72 109.40 110.30 -0.30 110.32
Live Cattle (P) Dec 2018 114.90 113.88 114.68 -0.22 114.62
Feeder Cattle (P) Aug 2018 153.60 152.23 152.98 -0.27 152.75
Feeder Cattle (P) Sep 2018 154.70 153.30 153.62 -0.70 153.52
Feeder Cattle (P) Oct 2018 155.38 154.28 154.68 -0.47 154.55
Lean Hogs (P) Aug 2018 66.82 65.30 65.38 -1.05 65.55
Lean Hogs (P) Oct 2018 54.25 51.95 52.45 -0.17 52.52
Lean Hogs (P) Dec 2018 49.02 47.10 47.42 0.15 47.52
Canadian Dollar Aug 2018 0.7606 0.7594 0.7602 0.0009 0.7602
Crude Sep 2018 69.05 67.56 68.47 0.58 68.52
Prices updated at 2:00 PM(CST) on 7/24/2018
Sources: Xignite, Inc. | ICE Canada
