Rumours yesterday about Sino-American trade improvements were dashed by reality today carrying soybeans lower in the markets by about 2 percent. Canola followed the leader down and ended $5 per tonne lower for November at $495.80. January to May ended above $500, ranging from almost $503 to $513.50.
Corn took a hit on the bean news, with the big, yellow cereal off by 7 US cents per bushel on Chicago.
“U.S. pressure and blackmail won’t have an effect. If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights,” Chinese Foreign Ministry spokesman Geng Shuang told reporters in his regular news-media briefing late yesterday, reported by Reuters.
“Unilateral threats and pressure will only produce the opposite of the desired result,” Geng said.

Wheat defied the pressure and continued to move up on weather news from the former Soviet Socialist Republics, Sweden, Germany and continued drought in Australia. Russian officials report and expected decline in exports of the crop by 2 million tonnes this season as compared to last.
Spot cash prices for No. 1 spring wheat, 13.5 or better, were up 83 C cents to $249.16 in southeastern Saskatchewan according to the PDQ reporting.
The coming USDA crop report generally moves the markets, and many buyers may be waiting for that analysis to make their fall moves.
Name / Contract | High | Low | Last | Change | Settlement |
Canola Nov 2018 (updated 1:19PM(CST) on 8/1/2018) | 500.00 | 495.50 | 495.80 | -5.00 | 495.80 |
Canola Jan 2019 (updated 1:18PM(CST) on 8/1/2018) | 506.70 | 502.60 | 502.80 | -4.60 | 502.80 |
Canola Mar 2019 (updated 1:14PM(CST) on 8/1/2018) | 512.30 | 508.80 | 508.80 | -4.00 | 508.80 |
Canola May 2019 (updated 1:14PM(CST) on 8/1/2018) | 515.40 | 513.20 | 513.50 | -3.40 | 513.50 |
Canola Jul 2019 (updated 1:14PM(CST) on 8/1/2018) | 517.30 | 515.50 | 516.50 | -3.00 | 516.50 |
Soybeans Aug 2018 | 898.00 | 884.75 | 886.50 | -17.25 | 886.75 |
Soybeans Sep 2018 | 904.25 | 889.25 | 891.00 | -17.75 | 891.50 |
Soybeans Nov 2018 | 915.00 | 899.00 | 901.25 | -17.75 | 901.75 |
Soybeans Jan 2019 | 925.25 | 909.75 | 912.00 | -17.50 | 912.75 |
Soybeans Mar 2019 | 934.25 | 918.75 | 921.00 | -17.50 | 921.75 |
Soybeans May 2019 | 941.50 | 927.50 | 930.50 | -16.75 | 930.50 |
Soybean Meal Aug 2018 | 340.80 | 335.00 | 335.60 | -5.60 | 336.50 |
Soybean Meal Sep 2018 | 339.80 | 333.10 | 333.90 | -6.00 | 334.50 |
Soybean Meal Oct 2018 | 339.90 | 333.50 | 334.10 | -6.10 | 334.80 |
Soybean Oil Aug 2018 | 28.68 | 28.49 | 28.53 | -0.20 | 28.45 |
Soybean Oil Sep 2018 | 28.85 | 28.56 | 28.71 | -0.18 | 28.62 |
Soybean Oil Oct 2018 | 28.95 | 28.67 | 28.81 | -0.20 | 28.72 |
Corn Sep 2018 | 373.00 | 364.00 | 365.75 | -6.50 | 365.00 |
Corn Dec 2018 | 387.25 | 378.25 | 380.00 | -6.50 | 379.50 |
Corn Mar 2019 | 397.75 | 389.00 | 391.00 | -6.00 | 390.25 |
Corn May 2019 | 403.00 | 395.00 | 396.50 | -5.75 | 396.00 |
Corn Jul 2019 | 408.00 | 400.00 | 401.50 | -5.25 | 401.00 |
Oats Sep 2018 | 241.00 | 235.00 | 239.50 | 3.75 | 239.00 |
Oats Dec 2018 | 250.00 | 243.50 | 248.75 | 3.00 | 248.25 |
Oats Mar 2019 | 253.50 | 251.00 | 252.25 | 2.25 | 252.25 |
Oats May 2019 | 255.00 | 255.00 | 255.00 | 2.25 | 255.00 |
Oats Jul 2019 | 258.25 | 258.25 | 258.25 | 2.25 | 258.25 |
Wheat Sep 2018 | 566.00 | 550.75 | 559.25 | 5.50 | 558.25 |
Wheat Dec 2018 | 585.25 | 569.75 | 579.50 | 6.25 | 578.75 |
Wheat Mar 2019 | 599.75 | 585.25 | 595.00 | 7.25 | 594.00 |
Wheat May 2019 | 603.25 | 590.00 | 599.75 | 7.00 | 598.50 |
Wheat Jul 2019 | 601.75 | 589.00 | 597.75 | 5.50 | 596.75 |
Spring Wheat Sep 2018 | 614.25 | 602.50 | 608.00 | 1.75 | 608.00 |
Spring Wheat Dec 2018 | 632.25 | 620.00 | 626.00 | 3.25 | 626.00 |
Spring Wheat Mar 2019 | 645.00 | 633.00 | 641.00 | 5.25 | 641.00 |
Spring Wheat May 2019 | 652.25 | 644.50 | 648.75 | 6.00 | 648.75 |
Spring Wheat Jul 2019 | 656.00 | 648.75 | 652.50 | 3.75 | 652.50 |
Hard Red Wheat Sep 2018 | 569.25 | 553.00 | 563.50 | 7.00 | 563.75 |
Hard Red Wheat Dec 2018 | 597.25 | 580.50 | 590.75 | 6.50 | 591.25 |
Hard Red Wheat Mar 2019 | 614.00 | 598.00 | 608.00 | 7.00 | 608.75 |
Hard Red Wheat May 2019 | 618.50 | 603.25 | 613.75 | 7.50 | 614.75 |
Hard Red Wheat Jul 2019 | 615.75 | 602.50 | 611.25 | 5.50 | 612.25 |
Live Cattle (P) Aug 2018 | 109.20 | 107.50 | 109.12 | 1.45 | 108.62 |
Live Cattle (P) Oct 2018 | 110.87 | 109.05 | 110.65 | 1.35 | 110.27 |
Live Cattle (P) Dec 2018 | 114.60 | 112.80 | 114.42 | 1.45 | 114.02 |
Feeder Cattle (P) Aug 2018 | 152.30 | 148.97 | 152.23 | 2.91 | 151.83 |
Feeder Cattle (P) Sep 2018 | 152.38 | 149.00 | 152.28 | 2.71 | 151.95 |
Feeder Cattle (P) Oct 2018 | 152.63 | 149.38 | 152.55 | 2.60 | 152.23 |
Lean Hogs (P) Aug 2018 | 61.00 | 59.68 | 60.12 | -1.01 | 60.25 |
Lean Hogs (P) Oct 2018 | 52.22 | 49.92 | 50.68 | -0.05 | 50.78 |
Lean Hogs (P) Dec 2018 | 47.52 | 45.92 | 46.22 | -0.33 | 46.30 |
Canadian Dollar Aug 2018 | 0.7708 | 0.7682 | 0.7698 | 0.0003 | 0.7698 |
Crude Sep 2018 | 68.52 | 67.31 | 67.81 | -0.95 | 67.66 |