Harvest weighs heavy on markets

Canola remained under pressure again today, chasing soybeans lower as crop conditions in the American Midwest improved, according to USDA.

November canola was down, headed towards that psychological support-point around $500 per tonne, settling at $501.60 Wednesday. After a couple of stronger days, soybean oil price on Chicago was off slightly, often a partial leg of support for canola, lending strength to crusher margins and demand.

On Canadian cash markets, Spring No. 1 hard red spring wheat, 13.5 percent protein wheat was off slightly to flat, while Canada Prairie spring was down more. Durum was also down slightly, reaching $260.80 per tonne at the elevator in southern Alberta, $258.23 in western Manitoba and $256.63 in southwestern Saskatchewan. CWRS was being bought in a range of $267.21 in the west, $254.06 in the east and $250.83 in the central Prairies.

Black Sea region, post-harvest exports appear to be creating some negative pressure on prices, however global stocks of wheat are sliding overall. Despite this, supplies of wheat on a world-scale remain strong enough to keep a cap on major upward moves suggest analysts.

Cash canola elevator prices were $472.91 in the west, $464.95 east and $467.67 in the central Prairies. All of these cash prices were according to the Alberta Wheat Commission’s PDQ price reporting service. A stronger Canadian dollar, finishing up at US$76.92 didn’t help Canadian prices, this was in part related to stronger crude oil.

On Chicago, all commodity crops were off, with the exception of oat futures. Soybeans and corn slipped two percent on the day and rumours of Chinese and American trade discussions failed to provide any optimism for traders.

The Ukraine continues to expand its corn production, exporting nearly 40 million bushels in this marketing year, according to that country’s ministry of agriculture. To put this into perspective American exports last week, for the week, were similar numbers. Corn on Chicago was off 7.25 US cents, settling at US$3.52-50 per bushel, December followed at $3.66-75. Minneapolis spring wheat was down 2.5 cents at $5.68-25. Oats for September were up 3.25 cents to reach $2.59-75.

Cattle and hogs both showed signs of weakness on American markets today.

 

Name / Contract High Low Last Change Settlement
Canola Nov 2018 (updated 1:19PM(CST) on 8/22/2018) 507.00 500.30 501.60 -5.90 501.60
Canola Jan 2019 (updated 1:19PM(CST) on 8/22/2018) 512.50 506.70 507.90 -5.70 507.90
Canola Mar 2019 (updated 1:14PM(CST) on 8/22/2018) 517.00 511.10 512.40 -5.50 512.40
Canola May 2019 (updated 1:14PM(CST) on 8/22/2018) 519.00 514.20 515.50 -5.60 515.50
Canola Jul 2019 (updated 1:14PM(CST) on 8/22/2018) 519.60 514.80 516.10 -5.60 516.10
Soybeans Sep 2018 873.75 857.25 858.50 -16.00 858.25
Soybeans Nov 2018 885.25 869.00 870.75 -15.25 870.25
Soybeans Jan 2019 898.00 882.00 883.50 -15.25 883.25
Soybeans Mar 2019 909.25 894.25 895.75 -14.50 895.50
Soybeans May 2019 920.00 905.75 906.75 -14.25 906.50
Soybeans Jul 2019 928.75 914.75 915.50 -14.25 915.50
Soybean Meal Sep 2018 325.10 321.00 321.10 -3.80 321.10
Soybean Meal Oct 2018 326.00 321.80 322.00 -3.70 322.00
Soybean Meal Dec 2018 327.50 322.80 323.30 -3.90 323.20
Soybean Oil Sep 2018 28.61 28.14 28.25 -0.34 28.22
Soybean Oil Oct 2018 28.74 28.27 28.38 -0.35 28.35
Soybean Oil Dec 2018 28.96 28.48 28.58 -0.37 28.56
Corn Sep 2018 359.25 352.25 352.50 -7.25 352.50
Corn Dec 2018 373.75 366.50 367.00 -7.25 366.75
Corn Mar 2019 385.50 378.50 379.25 -7.00 379.00
Corn May 2019 392.75 385.75 386.25 -7.00 386.25
Corn Jul 2019 398.50 391.75 392.25 -6.75 391.75
Oats Sep 2018 260.25 255.00 260.25 3.25 259.75
Oats Dec 2018 265.75 261.50 264.00 0.25 264.50
Oats Mar 2019 270.00 269.25 269.25 1.00 269.25
Oats May 2019 272.25 272.25 272.25 0.75 272.25
Oats Jul 2019 274.50 274.50 274.50 0.50 274.50
Wheat Sep 2018 533.00 520.50 528.25 1.00 526.00
Wheat Dec 2018 552.50 540.00 547.50 -0.25 545.25
Wheat Mar 2019 575.25 563.50 570.25 -1.00 568.50
Wheat May 2019 586.50 574.25 579.75 -2.00 579.75
Wheat Jul 2019 580.00 568.00 575.00 unch 573.25
Spring Wheat Sep 2018 592.25 584.75 586.25 -2.50 586.25
Spring Wheat Dec 2018 609.25 602.00 603.50 -2.75 603.50
Spring Wheat Mar 2019 623.50 616.25 618.50 -2.75 618.50
Spring Wheat May 2019 630.25 624.50 626.25 -2.50 626.25
Spring Wheat Jul 2019 630.00 629.00 629.75 -2.00 629.75
Hard Red Wheat Sep 2018 539.25 524.50 532.25 -2.25 530.00
Hard Red Wheat Dec 2018 566.75 552.00 559.00 -3.25 557.25
Hard Red Wheat Mar 2019 591.25 576.75 582.75 -4.50 582.00
Hard Red Wheat May 2019 602.25 589.00 595.50 -3.50 594.25
Hard Red Wheat Jul 2019 598.00 586.25 592.50 -2.25 591.00
Live Cattle (P) Aug 2018 109.00 107.68 108.25 -1.03 108.22
Live Cattle (P) Oct 2018 110.00 108.30 109.20 -1.27 108.90
Live Cattle (P) Dec 2018 114.30 112.72 113.50 -1.18 113.22
Feeder Cattle (P) Aug 2018 149.20 148.37 148.95 -0.23 148.70
Feeder Cattle (P) Sep 2018 150.60 148.40 149.28 -1.72 149.15
Feeder Cattle (P) Oct 2018 150.65 147.88 148.70 -2.23 148.62
Lean Hogs (P) Oct 2018 55.30 53.40 53.52 -2.71 53.60
Lean Hogs (P) Dec 2018 53.10 51.20 51.60 -2.30 51.68
Lean Hogs (P) Feb 2019 61.00 59.40 59.72 -1.83 59.90
Canadian Dollar Sep 2018 0.7703 0.7670 0.7700 0.0031 0.7692
Crude Oct 2018 68.08 65.98 67.93 2.09 67.86

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