Sentiment and opinion fell to technical needs and short coverings Friday, as the commodity markets prepared for a long weekend. A NAFTA-talks softened Canadian dollar added to the lifting effect on canola, along with new Canadian, lower crop estimates from the federal government. Canola was up slightly, 60 cents per tonne, on the day for September futures contracts.
The Canadian crop estimates put canola at 19.2 million tonnes for this year, off from previous market estimates and down from 21.4 million tonnes last year.
American plans to place more tariffs on Chinese products next week, once the comment period ends, will likely be met with additional Chinese restrictions on trade with the United States, further entrenching the two sides, undermining American crops like soybeans. Despite this, soybeans were up 13.5 US cents to reach US$8.33 per bushel on Chicago’s September trade. September corn was up 11 cents to $3.52. The American oilseed’s energy also lent power to canola on Friday.
Wheat took strength from all of this activity, and with new Canadian numbers that put the crop lower than previously expected and up to three million tonnes lower than United States Department of Agriculture projections placed it. Spring wheat on Chicago was up 21.5 US cents for the day, finishing at US$5.87 per bushel on September markets.
Statistics Canada put Canadian wheat production for this year 3.4 percent lower than last year and down from previous estimates. Durum was up 1.4 percent over last year. However that season was in a severe drought circumstance for much of the durum producing region in Western Canada.
Only live cattle and March to July canola were off for the day.
Statistics Canada placed pea and lentil production lower. Lentil production dropped more than 15 percent from last year, while and pea peas were down 11.5, the same as oats. Barley is expected to yield up nearly 1.5 percent.
Durum, while up from last year is estimated to have a much lower average yield of 30.6 bushels per acre, down from last year’s drought-affected crop.
|Name / Contract||High||Low||Last||Change||Settlement|
|Canola Dec 2018 (updated 2:23PM(CST) on 8/31/2018)||499.50||493.70||495.60||0.60||495.60|
|Canola Jan 2019 (updated 2:23PM(CST) on 8/31/2018)||506.10||500.50||502.50||0.50||502.50|
|Canola Mar 2019 (updated 2:22PM(CST) on 8/31/2018)||510.90||506.00||506.80||-0.10||506.80|
|Canola May 2019 (updated 2:22PM(CST) on 8/31/2018)||513.20||508.90||509.50||-0.30||509.50|
|Canola Jul 2019 (updated 2:22PM(CST) on 8/31/2018)||514.90||510.60||511.20||-0.30||511.20|
|Soybeans Sep 2018||833.25||816.00||833.00||13.50||833.00|
|Soybeans Nov 2018||846.75||828.75||845.50||14.00||843.50|
|Soybeans Jan 2019||859.50||842.00||858.75||13.75||856.75|
|Soybeans Mar 2019||872.25||855.50||871.00||12.75||869.50|
|Soybeans May 2019||883.75||867.75||882.75||12.25||881.50|
|Soybeans Jul 2019||892.50||878.25||892.25||11.25||891.00|
|Soybean Meal Sep 2018||304.90||300.00||304.90||3.50||303.70|
|Soybean Meal Oct 2018||305.90||300.80||305.60||3.80||304.60|
|Soybean Meal Dec 2018||308.50||302.90||308.10||4.60||307.20|
|Soybean Oil Sep 2018||28.44||28.12||28.38||0.10||28.37|
|Soybean Oil Oct 2018||28.57||28.25||28.51||0.09||28.51|
|Soybean Oil Dec 2018||28.84||28.50||28.78||0.11||28.77|
|Corn Sep 2018||352.00||340.75||352.00||11.00||351.00|
|Corn Dec 2018||366.00||356.00||366.00||9.50||365.00|
|Corn Mar 2019||378.00||368.75||377.75||8.50||377.25|
|Corn May 2019||385.25||376.50||385.00||8.00||384.75|
|Corn Jul 2019||391.00||382.50||390.75||7.75||390.50|
|Oats Sep 2018||242.00||239.50||243.50||4.00||243.50|
|Oats Dec 2018||256.25||249.25||252.50||5.00||252.50|
|Oats Mar 2019||259.75||256.00||257.00||5.00||257.00|
|Oats May 2019||260.00||260.00||260.00||4.75||260.00|
|Oats Jul 2019||262.75||262.75||262.75||4.50||262.75|
|Wheat Sep 2018||522.25||509.50||519.00||11.00||518.50|
|Wheat Dec 2018||548.00||535.25||546.50||11.50||545.50|
|Wheat Mar 2019||567.00||555.75||566.50||11.00||565.50|
|Wheat May 2019||578.50||568.00||578.50||10.75||577.75|
|Wheat Jul 2019||571.00||562.00||570.75||9.00||570.25|
|Spring Wheat Sep 2018||587.00||576.25||583.75||21.50||583.75|
|Spring Wheat Dec 2018||602.00||584.00||598.75||15.00||598.75|
|Spring Wheat Mar 2019||617.00||600.00||613.50||14.25||613.50|
|Spring Wheat May 2019||624.25||608.75||619.50||11.75||619.50|
|Spring Wheat Jul 2019||628.50||616.00||623.75||8.75||623.75|
|Hard Red Wheat Sep 2018||521.25||513.50||521.00||8.75||523.00|
|Hard Red Wheat Dec 2018||554.50||541.75||554.50||13.50||553.25|
|Hard Red Wheat Mar 2019||575.75||563.50||575.75||12.75||575.00|
|Hard Red Wheat May 2019||586.25||574.25||585.75||11.75||585.75|
|Hard Red Wheat Jul 2019||582.00||571.25||582.00||10.50||581.25|
|Live Cattle (P) Aug 2018||109.98||106.80||106.80||-3.00||106.80|
|Live Cattle (P) Oct 2018||109.42||108.32||108.68||-0.39||108.78|
|Live Cattle (P) Dec 2018||113.53||112.75||112.92||-0.38||112.98|
|Feeder Cattle (P) Sep 2018||150.60||149.30||149.45||-0.73||149.45|
|Feeder Cattle (P) Oct 2018||150.60||148.57||148.85||-1.53||149.12|
|Feeder Cattle (P) Nov 2018||150.35||148.70||148.82||-1.33||149.00|
|Lean Hogs (P) Oct 2018||51.82||49.70||50.42||1.30||50.42|
|Lean Hogs (P) Dec 2018||54.82||52.70||53.50||0.88||53.40|
|Lean Hogs (P) Feb 2019||64.35||62.25||62.95||0.38||62.88|
|Canadian Dollar Sep 2018||0.7709||0.7642||0.7668||-0.0033||0.7664|
|Crude Oct 2018||70.36||69.64||69.91||-0.34||69.80|