Statistics Canada pegs canola, wheat lower

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

 

Comments

Markets at a glance

Copyright © 2018. All market data is provided by Barchart Market Data Solutions. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

explore

Stories from our other publications