Canola was softer today, after losses yesterday that mirrored soybeans and made the two crops some of the most active on the commodity markets. Today, however, the American holiday might have held it up, as that side of the oilseed trade moved into a long-weekend mode where if nobody moves, nobody gets hurt.
Asian palm oil prices softened, with Malaysian numbers falling to three-year lows, which is putting negative pressure on vegetable oils in general.
The International Grains Council was making some amendments to its earlier numbers, lowering global corn and soy production slightly and keeping wheat estimates flat.
ICE canola for January settled down $2.60 to end the day at $476.40 per tonne. Font months were all soft, March was at $484.80, down $2.40, May $492.80, down $2.50 and July remains just below $500 at $498.10, off $2.50 for the day.
Lower soybean prices in the U.S. has aided that industry in moving beans offshore, and that makes them very competitive with any Canadian bean sales and is holding down on canola prices.
A higher Canadian dollar and remaining stress from Sino-American trade disputes combined to provide negative pressure on canola. In addition, Chinese infections of African swine fever might be lowering overall feed demand in that country, weakening potential imports of soybeans from non-American shippers. However, that would require infections of large-scale hog barns, versus smaller, open-housed animal operations and it is not clear if that is the case in China’s ASF infections.
Some USDA news will come out during the holiday weekend, with USDA weekly export reports, however those are largely expected to show improved American soybean sales to non-Chinese buyers.
The Ukraine is expected to export about 19 percent more wheat this crop year than last says that country’s agriculture ministry, however its exports year over year, so far, are not keeping that pace and are down about seven percent compared with last season at this time.
U.S. spring wheat prices have remained relatively strong and showed some improvement ahead of the holiday close, rising 2.25 U.S. cents yesterday, finishing that day at US$ 5.7075.
|Name / Contract||High||Low||Last||Change||Settlement|
|Canola Jan 2019 (updated 3:24AM(CST) on 11/22/2018)||479.80||476.20||479.00||1.80||476.40|
|Canola Mar 2019 (updated 3:24AM(CST) on 11/22/2018)||487.60||484.50||487.20||1.80||484.80|
|Canola May 2019 (updated 3:24AM(CST) on 11/22/2018)||495.80||492.20||495.30||1.90||492.80|
|Canola Jul 2019 (updated 3:24AM(CST) on 11/22/2018)||500.80||497.40||500.40||1.70||498.10|
|Canola Nov 2019 (updated 3:24AM(CST) on 11/22/2018)||497.10||494.40||495.50||-0.70||493.30|
|Soybeans Jan 2019||889.00||876.00||883.00||2.00||883.00|
|Soybeans Mar 2019||902.50||889.75||896.75||2.25||896.75|
|Soybeans May 2019||915.75||903.00||909.75||2.00||909.75|
|Soybeans Jul 2019||928.00||915.50||922.25||2.25||922.25|
|Soybeans Aug 2019||932.00||920.25||926.50||2.00||926.50|
|Soybeans Sep 2019||932.50||921.50||926.50||1.50||926.50|
|Soybean Meal Dec 2018||308.50||305.40||306.60||-0.50||306.60|
|Soybean Meal Jan 2019||310.70||307.50||308.70||-0.50||308.70|
|Soybean Meal Mar 2019||313.10||310.20||310.80||-0.90||310.80|
|Soybean Oil Dec 2018||27.87||27.32||27.80||0.46||27.80|
|Soybean Oil Jan 2019||28.05||27.50||27.99||0.47||27.99|
|Soybean Oil Mar 2019||28.31||27.77||28.25||0.47||28.25|
|Corn Dec 2018||363.25||360.00||361.75||0.50||361.75|
|Corn Mar 2019||374.00||371.00||372.75||0.50||372.75|
|Corn May 2019||381.75||378.75||380.50||0.50||380.50|
|Corn Jul 2019||388.50||385.50||387.25||0.50||387.25|
|Corn Sep 2019||391.75||389.00||390.75||0.75||390.75|
|Oats Dec 2018||303.75||290.25||291.50||-12.25||291.50|
|Oats Mar 2019||304.75||289.00||294.50||-9.00||294.50|
|Oats May 2019||302.50||290.75||294.75||-5.50||294.75|
|Oats Jul 2019||304.50||286.75||286.75||unch||286.75|
|Oats Sep 2019||279.00||275.00||279.00||0.75||279.00|
|Wheat Dec 2018||504.25||497.75||498.75||-2.00||498.75|
|Wheat Mar 2019||512.00||504.75||506.75||-1.75||506.75|
|Wheat May 2019||518.25||511.50||513.25||-2.00||513.25|
|Wheat Jul 2019||526.50||520.00||521.50||-2.25||521.50|
|Wheat Sep 2019||537.50||531.25||532.25||-2.50||532.25|
|Spring Wheat Dec 2018||573.00||569.00||572.00||2.25||572.00|
|Spring Wheat Mar 2019||573.00||569.25||572.00||1.75||572.00|
|Spring Wheat May 2019||579.50||576.00||578.25||1.25||578.25|
|Spring Wheat Jul 2019||588.25||583.50||586.75||1.25||586.75|
|Spring Wheat Sep 2019||597.25||592.25||595.50||1.25||595.50|
|Hard Red Wheat Dec 2018||475.25||468.00||469.00||-4.00||469.00|
|Hard Red Wheat Mar 2019||499.75||491.50||493.00||-4.25||493.00|
|Hard Red Wheat May 2019||511.25||503.75||504.75||-4.25||504.75|
|Hard Red Wheat Jul 2019||523.00||516.00||516.50||-4.25||516.50|
|Hard Red Wheat Sep 2019||536.75||529.75||530.25||-4.50||530.25|
|Live Cattle (Pit) Dec 2018||116.40||116.40||116.40||0.70||116.40|
|Live Cattle (Pit) Feb 2019||120.75||120.75||120.75||1.03||120.75|
|Live Cattle (Pit) Apr 2019||122.60||122.60||122.60||1.03||122.60|
|Feeder Cattle (Pit) Jan 2019||148.63||148.63||148.63||1.75||148.63|
|Feeder Cattle (Pit) Mar 2019||145.18||145.18||145.18||1.03||145.18|
|Feeder Cattle (Pit) Apr 2019||145.38||145.38||145.38||0.88||145.38|
|Lean Hogs (Pit) Dec 2018||58.28||58.28||58.28||-0.70||58.28|
|Lean Hogs (Pit) Feb 2019||66.18||66.18||66.18||-0.95||66.18|
|Lean Hogs (Pit) Apr 2019||71.15||71.15||71.15||-0.53||71.15|
|Canadian Dollar Dec 2018||0.7563||0.7512||0.7549||0.0036||0.7579|
|Crude Oil WTI Jan 2019||55.86||53.39||54.63||1.20||53.85|