Softer beans and canola on lower trades

Remaining tucked tightly in its range-bound reality, canola futures retracted slightly today, keeping pace with soybeans, falling $3.60 on the ICE March contract, getting below $480 per tonne, to $479.70.

Weak Prairie’s farmer-deliveries were in part to blame for lower canola prices. However some grain analysts are suggesting that the European Union might be starting to run short, after a droughty crop there, and Australia’s poor yielding harvest could also be cutting into ready supplies, potentially creating some demand after the Western Canadian winter farm show season wraps up by the middle of February.

Soybean production in Brazil has been under pressure with continued dryness. Production projections, by the United States Department of Agriculture, ahead of the current harvest were as high as 122 million tonnes, however analysts are suggesting they are now hovering in the 115 million area, while Brazil’s Conab agency suggests 119. The United States remains awash in soybeans, but the falling Brazilian potential might be giving support to oilseeds overall.

Despite that, Chicago beans have given up the gains they had made since the beginning of the year and are poised to set new lows for 2019.

The continued shutdown of USDA departments has kept market intelligence suppressed to a point, as the trade looks to other sources to confirm supply and demand.

U.S. corn was up a quarter of a US cent, finishing at US$3.78-50 per bushel.

March spring wheat on Chicago was down 3.5 cents, finishing at $5.66-50.

Overall wheat was off on U.S. markets despite American Gulf prices now being lower than Russian markets, signaling that the region might be running out of supply. Russian commodities research company SovEcon suggests that wheat exports from that country will have fallen about 60 percent below the six-month average, to about 59 million bushels.

Number one hard red spring wheat at the elevator was off slightly today in Western Canada, falling between C$1.28 and $1.52 per tonne, according to Alberta Wheat’s P.D.Q. system. Prices ran from $243 per tonne in southeastern Saskatchewan to $264 in southern Alberta. Canola hovered in the $450 to $465 per tonne range, depending on location, off between $3.50 and $3.80 per tonne.

Markets Moment closing for Jan. 14.

Name / Contract High Low Last Change Settlement
           
Canola Mar 2019 (updated 1:19PM(CST) on 1/14/2019) 483.50 479.40 479.90 -3.40 479.90
Canola May 2019 (updated 1:19PM(CST) on 1/14/2019) 491.30 487.80 488.30 -3.80 488.30
Canola Jul 2019 (updated 1:16PM(CST) on 1/14/2019) 499.80 495.70 495.70 -4.10 495.70
Canola Nov 2019 (updated 1:16PM(CST) on 1/14/2019) 497.40 495.50 496.10 -2.10 496.10
Soybeans Jan 2019 895.25 890.75 890.75 -8.50 891.00
Soybeans Mar 2019 911.00 901.50 903.50 -6.75 902.50
Soybeans May 2019 924.50 915.25 917.25 -6.50 916.25
Soybeans Jul 2019 936.50 928.00 930.00 -6.25 928.50
Soybeans Aug 2019 941.50 933.25 935.25 -6.00 933.75
Soybeans Sep 2019 943.50 936.25 938.50 -5.75 937.25
Soybean Meal Jan 2019 308.70 306.90 306.90 -3.50 307.00
Soybean Meal Mar 2019 314.80 310.60 311.80 -2.80 310.90
Soybean Meal May 2019 318.60 314.70 315.70 -3.00 314.90
Soybean Oil Jan 2019 28.11 28.11 28.11 -0.06 28.11
Soybean Oil Mar 2019 28.59 28.16 28.40 -0.01 28.39
Soybean Oil May 2019 28.87 28.46 28.68 -0.02 28.67
Corn Mar 2019 381.00 377.00 378.50 0.25 378.50
Corn May 2019 389.50 385.25 387.00 0.25 386.50
Corn Jul 2019 397.00 393.00 394.75 0.50 394.50
Corn Sep 2019 399.75 396.25 398.00 0.75 397.25
Corn Dec 2019 404.00 400.75 402.25 0.75 402.00
Oats Mar 2019 303.50 292.50 300.00 5.25 300.00
Oats May 2019 294.50 285.25 292.25 5.25 292.75
Oats Jul 2019 289.25 289.25 289.25 3.00 286.25
Oats Sep 2019 280.00 278.50 278.50 0.50 280.00
Oats Dec 2019 278.25 278.00 278.25 4.75 278.00
Wheat Mar 2019 523.50 513.25 514.25 -5.25 513.25
Wheat May 2019 528.25 518.50 519.75 -5.25 518.75
Wheat Jul 2019 532.75 523.75 524.50 -5.00 523.75
Wheat Sep 2019 540.25 532.00 532.75 -5.00 532.50
Wheat Dec 2019 554.25 545.75 546.50 -5.00 546.00
Spring Wheat Mar 2019 571.25 565.25 566.50 -3.50 566.50
Spring Wheat May 2019 575.50 570.00 570.50 -3.75 570.50
Spring Wheat Jul 2019 581.50 577.00 577.25 -3.50 577.25
Spring Wheat Sep 2019 588.75 584.00 585.00 -3.00 585.00
Spring Wheat Dec 2019 603.00 597.25 598.00 -3.00 598.00
Hard Red Wheat Mar 2019 509.25 498.75 499.00 -5.50 498.75
Hard Red Wheat May 2019 519.25 510.00 510.25 -5.75 510.25
Hard Red Wheat Jul 2019 529.00 519.75 519.75 -6.00 520.25
Hard Red Wheat Sep 2019 538.75 532.00 532.25 -5.50 532.25
Hard Red Wheat Dec 2019 553.50 548.75 548.75 -5.50 549.25
Live Cattle (Pit) Feb 2019 125.43 125.43 125.43 0.45 125.43
Live Cattle (Pit) Apr 2019 126.68 126.68 126.68 0.30 126.68
Live Cattle (Pit) Jun 2019 117.18 117.18 117.18 -0.03 117.18
Feeder Cattle (Pit) Jan 2019 144.85 144.85 144.85 -1.28 144.85
Feeder Cattle (Pit) Mar 2019 144.40 144.40 144.40 -0.50 144.40
Feeder Cattle (Pit) Apr 2019 145.15 145.15 145.15 -0.60 145.15
Lean Hogs (Pit) Feb 2019 61.85 61.85 61.85 -0.80 61.85
Lean Hogs (Pit) Apr 2019 66.83 66.83 66.83 -0.52 66.83
Lean Hogs (Pit) May 2019 72.18 72.18 72.18 -0.70 72.18
Canadian Dollar Jan 2019 0.7544 0.7528 0.7540 0.0004 0.7540
Crude Oil WTI Feb 2019 52.11 50.43 50.73 -0.86 50.73

Prices updated at 1:20PM(CST) on 1/14/2019

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