The good news for canola was that soybean prices soared Friday, pulling up its sister crop in the process.
The bad news was that some of the Friday surge was due to short-covering by traders who raked-in profits through July by betting against soybeans.
Vegetable oil crop futures had a terrible month, and as traders closed out their July accounts before the weekend, there existed some hope that crop futures might have found or be finding a bottom. Recent days have shown the markets unwilling to hammer down prices further at this point.
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Chicago Mercantile Exchange live and feeder cattle futures rallied to fresh contract highs on Wednesday, as tight supplies and strong cash market prices continued to send future contracts surging, market analysts said.
United States export data suggests foreign buyers have begun to see U.S. beans as cheap and have stepped into the market with increased purchases.
November canola rose 0.6 percent on the day, while soybeans rose about 2.9 percent.
On the week canola edged up 0.4 percent while soybeans climbed 1.4 percent
For the month, canola fell almost nine percent while soybeans fell more than 13 percent.
Other crops also slumped in July. Chicago wheat prices are tickling $4 per bushel, which is the lowest since the start of the historical crops bull market in 2006. Wheat prices are hitting support levels that were the pre-2006 resistance levels.
New crop Chicago wheat contracts are substantially higher, with almost 30 cents of premium to the nearby contract. Kansas City wheat has a smaller carry and Minneapolis wheat has about half the carry of Chicago wheat.
Wheat markets were flustered by reports of traces of unapproved genetically modified wheat found in the U.S. Pacific Northwest, but it did not appear to affect futures values.
Corn futures rose about one percent today, were flat on the week but fell about 7.8 percent in July.
ed.white@producer.com
Light crude oil nearby futures in New York were up 46 cents to US$41.60 per barrel.
The Canadian dollar at noon was US76.68 cents, up from 75.93 cents the previous trading day. The U.S. dollar at noon was C$1.3041.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 30.02 points, or 0.21 percent, at 14,582.74.
The Dow Jones industrial average ended down 0.13 percent at 18,432.24 while the S&P 500 gained 0.16 percent to 2,173.6.The Nasdaq Composite added 0.14 percent to 5,162.13.
For the week, the TSX composite fell .1 percent, the Dow fell .75 percent, the S&P edged down .07 percent and the Nasdaq rose 1.2 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016 453.90 +2.70 +0.60%
Canola Jan 2017 460.30 +2.00 +0.44%
Canola Mar 2017 466.70 +1.70 +0.37%
Canola May 2017 471.70 +1.80 +0.38%
Canola Jul 2017 476.00 +1.70 +0.36%
Milling Wheat Oct 2016 207.00 unch 0.00%
Milling Wheat Dec 2016 211.00 unch 0.00%
Durum Wheat Oct 2016 260.00 unch 0.00%
Durum Wheat Dec 2016 263.00 unch 0.00%
Barley Oct 2016 138.00 -7.00 -4.83%
Barley Dec 2016 138.00 -7.00 -4.83%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2016 1032.50 +29.00 +2.89%
Soybeans Sep 2016 1020.00 +26.75 +2.69%
Soybeans Nov 2016 1003.00 +25.00 +2.56%
Soybeans Jan 2017 1003.00 +24.50 +2.50%
Soybeans Mar 2017 992.00 +24.00 +2.48%
Soybeans May 2017 986.25 +23.25 +2.41%
Soybean Meal Aug 2016 350.00 +8.50 +2.49%
Soybean Meal Sep 2016 349.90 +7.10 +2.07%
Soybean Meal Oct 2016 348.90 +7.00 +2.05%
Soybean Oil Aug 2016 30.35 +0.86 +2.92%
Soybean Oil Sep 2016 30.48 +0.84 +2.83%
Soybean Oil Oct 2016 30.59 +0.84 +2.82%
Corn Sep 2016 334.50 +3.25 +0.98%
Corn Dec 2016 342.75 +4.00 +1.18%
Corn Mar 2017 351.50 +4.00 +1.15%
Corn May 2017 357.25 +4.00 +1.13%
Corn Jul 2017 362.75 +4.25 +1.19%
Oats Sep 2016 200.50 +2.25 +1.13%
Oats Dec 2016 199.25 +2.00 +1.01%
Oats Mar 2017 202.50 +0.75 +0.37%
Oats Jul 2017 211.00 +3.25 +1.56%
Wheat Sep 2016 407.75 -2.50 -0.61%
Wheat Dec 2016 435.75 -1.50 -0.34%
Wheat Mar 2017 460.25 -1.75 -0.38%
Wheat May 2017 473.75 -1.50 -0.32%
Wheat Jul 2017 480.50 -1.75 -0.36%
Minneapolis
Spring Wheat Sep 2016 488.25 +1.50 +0.31%
Spring Wheat Dec 2016 503.75 +2.00 +0.40%
Spring Wheat Mar 2017 518.75 +1.50 +0.29%
Spring Wheat May 2017 528.75 +1.75 +0.33%
Spring Wheat Jul 2017 537.50 +0.75 +0.14%
Kansas City
Hard Red Wheat Sep 2016 409.75 +0.75 +0.18%
Hard Red Wheat Dec 2016 436.00 +1.00 +0.23%
Hard Red Wheat Mar 2017 453.00 +1.00 +0.22%
Hard Red Wheat May 2017 463.75 +0.75 +0.16%
Hard Red Wheat Jul 2017 472.75 +0.50 +0.11%
Chicago livestock futures in US¢/pound
Live Cattle (P) Aug 2016 113.08 -0.25 -0.22%
Live Cattle (P) Oct 2016 111.72 -0.38 -0.34%
Live Cattle (P) Dec 2016 112.40 -0.27 -0.24%
Feeder Cattle (P) Aug 2016 140.05 -0.42 -0.30%
Feeder Cattle (P) Sep 2016 138.58 -0.57 -0.41%
Feeder Cattle (P) Oct 2016 137.72 -0.63 -0.46%
Lean Hogs (P) Aug 2016 68.98 +0.13 +0.19%
Lean Hogs (P) Oct 2016 59.05 -0.15 -0.25%
Lean Hogs (P) Dec 2016 54.75 -0.08 -0.15%
