Canola takes it in jaw from U.S. China seesaw

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.

Buyers may be waiting for the coming USDA crop report before making their fall moves. | File photo

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

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