Canola rises, wheat falls and tours inform

Canola continued its slow climb up the markets ladder Thursday, as technical trading took over from headline-induced speculation in wheat and elsewhere over the past few days.

Drought talk in the American Mid-west and Western Canada also fueled some price support, but it was largely positive sounds from the White House about a levelling-off of tariff tit-for-tat with Europe that allowed for greater calm overall.

Canola was up $3.30 per tonne to $492.80 for November, $3.40 to $499.20 for the January contract and $3.30 for the remainder of the 2019 months through July, ranging from $504.70 to $511.60.

On the Chicago Board of Trade August soybeans were off a penny and three-quarters to US$8.59 per bushel and didn’t break above $9 until May 2019, at $9.04-50, although that price was off 2-25 US cents.

U.S. spring wheat was up slightly to $6.25-25 on Chicago, however that was the only wheat that was, with all other being off due to rounds of technical selling, despite drought news from Europe and reduced yield projections from the former soviet socialist republics. The International Grains Council reported a drop in its wheat yield estimates for this crop by 590 million bushels, citing Europe and Russia as the causes.

FarmLink Marketing Solutions completed its Grainworld crop tour in Canada and is projecting a wheat yield of 54.4 bushels per acre average and durum coming it at 39.

The American Wheat Quality Council completed its tour as well, with the wheat belt average scoring a 41.3 bushels per acre average, behind their five-year number of 44.7 and higher than last year’s drought-damaged 35.8.

FarmLink pegged canola yields at 41.9 bushels per acre for the current crop, up from 41 last year and the five-year average of 39.5.

Name / Contract High Low Last Change Settlement
Canola Nov 2018 (updated 1:50PM(CST) on 7/26/2018) 495.50 489.70 492.80 3.30 492.80
Canola Jan 2019 (updated 1:52PM(CST) on 7/26/2018) 501.90 495.90 499.20 3.40 499.20
Canola Mar 2019 (updated 1:51PM(CST) on 7/26/2018) 507.40 501.50 504.70 3.30 504.70
Canola May 2019 (updated 1:51PM(CST) on 7/26/2018) 512.20 506.30 509.50 3.30 509.50
Canola Jul 2019 (updated 1:51PM(CST) on 7/26/2018) 514.30 508.40 511.60 3.30 511.60
Soybeans Aug 2018 881.00 858.25 859.00 -1.75 861.25
Soybeans Sep 2018 886.25 863.25 863.75 -2.25 866.25
Soybeans Nov 2018 896.00 873.25 873.75 -2.00 876.00
Soybeans Jan 2019 906.25 883.75 883.75 -2.50 886.25
Soybeans Mar 2019 915.00 893.25 893.25 -2.50 895.50
Soybeans May 2019 924.00 902.25 902.50 -2.25 904.50
Soybean Meal Aug 2018 337.90 331.20 332.00 2.00 332.60
Soybean Meal Sep 2018 337.50 330.70 331.60 2.20 332.10
Soybean Meal Oct 2018 336.80 330.30 331.10 2.30 331.70
Soybean Oil Aug 2018 28.69 28.11 28.16 -0.25 28.15
Soybean Oil Sep 2018 28.80 28.22 28.29 -0.22 28.27
Soybean Oil Oct 2018 28.88 28.32 28.37 -0.24 28.37
Corn Sep 2018 365.75 360.25 360.50 1.25 361.50
Corn Dec 2018 379.75 374.25 374.50 1.25 375.75
Corn Mar 2019 390.25 385.25 385.25 1.00 386.25
Corn May 2019 396.00 391.00 391.00 0.75 392.00
Corn Jul 2019 401.25 396.00 396.00 unch 397.25
Oats Sep 2018 234.75 232.50 233.25 1.00 232.50
Oats Dec 2018 242.00 239.00 239.75 0.75 239.00
Oats Mar 2019 244.00 244.00 243.50 unch 243.50
Oats May 2019 245.25 245.25 245.25 unch 245.25
Oats Jul 2019 249.00 249.00 249.00 -1.25 249.00
Wheat Sep 2018 553.75 532.00 535.50 -7.25 536.50
Wheat Dec 2018 572.75 552.00 555.00 -6.75 556.50
Wheat Mar 2019 587.00 566.50 570.75 -6.00 572.00
Wheat May 2019 592.00 573.75 577.00 -6.50 577.75
Wheat Jul 2019 590.00 574.00 575.75 -8.50 576.50
Spring Wheat Sep 2018 611.75 582.50 587.75 0.50 587.75
Spring Wheat Dec 2018 625.00 596.75 601.75 -1.25 601.75
Spring Wheat Mar 2019 637.50 611.25 616.75 -0.75 616.75
Spring Wheat May 2019 641.75 623.25 625.25 0.50 625.25
Spring Wheat Jul 2019 649.75 631.75 631.25 -0.25 631.25
Hard Red Wheat Sep 2018 553.50 527.50 532.75 -8.00 534.00
Hard Red Wheat Dec 2018 579.25 554.00 559.00 -7.25 560.50
Hard Red Wheat Mar 2019 595.50 571.25 576.75 -6.25 577.75
Hard Red Wheat May 2019 601.75 580.25 585.50 -5.50 585.50
Hard Red Wheat Jul 2019 601.00 582.75 585.50 -7.25 587.50
Live Cattle (P) Aug 2018 110.67 106.80 108.28 -0.75 107.95
Live Cattle (P) Oct 2018 112.25 108.18 109.78 -1.00 109.38
Live Cattle (P) Dec 2018 115.88 112.48 113.85 -0.95 113.65
Feeder Cattle (P) Aug 2018 154.22 149.80 151.48 -1.35 151.43
Feeder Cattle (P) Sep 2018 154.30 150.25 151.85 -1.40 151.83
Feeder Cattle (P) Oct 2018 155.28 151.32 152.83 -1.62 152.88
Lean Hogs (P) Aug 2018 66.88 64.60 65.05 -1.35 64.90
Lean Hogs (P) Oct 2018 55.98 52.15 52.42 -1.51 52.25
Lean Hogs (P) Dec 2018 50.78 47.30 47.52 -1.40 47.45
Canadian Dollar Aug 2018 0.7677 0.7647 0.7654 -0.0009 0.7654
Crude Sep 2018 69.92 68.92 69.53 0.23 69.61

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