Canola softer, wheat stronger ahead of WASDE

The trade optimism that carried beans higher turned and shoveled them into the pit today, where they traded away. And with them, canola was sure to follow.

The optimism did find a new home on equities, sending the Dow 213 points higher.

November soybean futures on Chicago fell 2.5 US cents to US$8.73 per bushel. ICE canola was down as harvest closed for the season and producer deliveries rose, effectively filling the system. Canola finished at C$475.30, down $2.90 on November trade. Stretching out into 2019, March was off $3.20 at $489.90. From outward appearance the market for canola remains bears’ domain as long positions were dropped in favour of shorts.

The USDA crop progress report indicates that 77 percent of the American corn crop has now been harvested, up from 63 percent from last week and well ahead of last year’s pace of 70. This Thursday’s World Agricultural Supply and Demand reporting will firm up American harvest numbers and global estimates.

American wheat bids improved and that brought up Canadian numbers. Western Canadian elevator bids on PDQ were up about $4 per tonne to range between $250 and $270 per tonne, depending on the delivery point.

Durum showed some signs of life, ranging from $211 per tonne in southwestern Saskatchewan to $222 in western Manitoba.

U.S. wheat continues to improve, despite a softer day on Monday’s markets, likely in response to slightly lower shipping that the trade had expected. Minneapolis spring wheat was up slightly to US$581-40.

Name / Contract High Low Last Change Settlement
Canola Nov 2018 (updated 2:13AM(CST) on 11/3/2018) 478.20 478.20 478.20 -4.30 475.30
Canola Jan 2019 (updated 2:13AM(CST) on 11/3/2018) 492.50 484.50 485.30 -4.30 482.40
Canola Mar 2019 (updated 2:13AM(CST) on 11/3/2018) 499.40 492.30 493.10 -3.80 489.90
Canola May 2019 (updated 2:13AM(CST) on 11/3/2018) 506.30 499.70 500.50 -3.80 497.20
Canola Jul 2019 (updated 2:13AM(CST) on 11/3/2018) 509.50 504.20 504.50 -3.20 501.20
Soybeans Nov 2018 888.50 866.50 875.25 6.25 873.00
Soybeans Jan 2019 900.75 878.75 887.75 5.75 885.75
Soybeans Mar 2019 912.25 891.25 900.00 5.75 898.25
Soybeans May 2019 925.25 904.50 913.50 5.75 911.50
Soybeans Jul 2019 936.75 916.50 925.50 5.50 923.50
Soybeans Aug 2019 940.75 921.75 929.75 5.25 928.00
Soybean Meal Dec 2018 316.30 309.50 311.00 -2.40 310.60
Soybean Meal Jan 2019 317.90 311.10 312.70 -2.30 312.10
Soybean Meal Mar 2019 319.80 313.20 314.60 -2.70 313.50
Soybean Oil Dec 2018 28.56 28.10 28.20 -0.12 27.90
Soybean Oil Jan 2019 28.79 28.32 28.42 -0.13 28.12
Soybean Oil Mar 2019 29.06 28.60 28.71 -0.13 28.41
Corn Dec 2018 373.00 365.25 371.25 4.50 374.00
Corn Mar 2019 384.75 377.25 383.25 4.50 385.75
Corn May 2019 392.25 385.25 391.25 4.50 393.75
Corn Jul 2019 398.00 391.00 397.00 4.25 399.50
Corn Sep 2019 399.00 392.75 397.75 3.75 399.50
Oats Dec 2018 288.75 281.00 284.25 3.00 292.75
Oats Mar 2019 283.50 276.25 277.50 -0.25 283.50
Oats May 2019 282.75 277.50 280.00 1.50 285.00
Oats Jul 2019 280.50 280.50 280.50 1.00 285.00
Oats Sep 2019 277.25 277.25 277.25 0.50 281.75
Wheat Dec 2018 509.75 502.75 508.75 0.75 507.25
Wheat Mar 2019 524.50 517.75 524.00 1.25 523.00
Wheat May 2019 536.25 529.25 535.75 1.50 534.75
Wheat Jul 2019 543.25 535.75 542.75 2.25 542.75
Wheat Sep 2019 554.75 548.75 554.00 0.75 552.75
Spring Wheat Dec 2018 581.00 574.50 580.50 3.75 581.50
Spring Wheat Mar 2019 588.75 582.25 588.25 2.50 589.00
Spring Wheat May 2019 596.75 590.00 596.00 2.25 596.75
Spring Wheat Jul 2019 606.75 599.50 603.50 2.50 604.25
Spring Wheat Sep 2019 610.50 605.00 610.50 2.50 611.25
Hard Red Wheat Dec 2018 505.75 497.75 504.25 3.00 504.75
Hard Red Wheat Mar 2019 529.25 521.50 528.00 2.50 527.75
Hard Red Wheat May 2019 542.25 535.00 541.25 1.75 541.00
Hard Red Wheat Jul 2019 549.00 542.00 548.50 1.50 548.75
Hard Red Wheat Sep 2019 564.00 558.00 563.75 1.00 563.50
Live Cattle (Pit) Dec 2018 117.08 117.08 117.08 -0.05 115.33
Live Cattle (Pit) Feb 2019 122.20 122.20 122.20 -0.15 120.65
Live Cattle (Pit) Apr 2019 123.73 123.73 123.73 -0.10 122.30
Feeder Cattle (Pit) Nov 2018 152.50 152.50 152.50 -0.80 149.50
Feeder Cattle (Pit) Jan 2019 149.75 149.75 149.75 -0.85 146.43
Feeder Cattle (Pit) Mar 2019 148.25 148.25 148.25 -0.58 145.43
Lean Hogs (Pit) Dec 2018 58.13 58.13 58.13 -0.08 57.10
Lean Hogs (Pit) Feb 2019 64.65 64.65 64.65 -0.40 64.13
Lean Hogs (Pit) Apr 2019 70.60 70.60 70.60 -0.23 69.93
Canadian Dollar Nov 2018 0.7652 0.7626 0.7628 -0.0017 0.7631
Crude Oil WTI Dec 2018 63.95 62.63 63.14 -0.55 62.80

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