Weather is running the markets. With the WASDE out of the way for July, a hotter, drier forecast for the American Midwest send grain traders into a bullish stance, and prices rose for the end of the week.
The United States National Oceanic and Atmospheric Administration declared El Nino dead this morning. Their Australian counterparts suggested it would be the case a couple of weeks ago. With that comes more uncertainty about the remainder of the growing season. Forecasters suggest fairly normal summer conditions for the rest of the season. So, a lack of rain the U.S. Midwest followed by earlier than recently experienced fall frosts, for that region. And that won’t bode well for delayed crops.
Soybeans were up on Chicago’s July futures market in Chicago by 10.5 cents per bushel, breaking past the US $9 mark, finishing at $9.06-75 per bushel for July. August was up 14.25 cents, ending at $9.13-25.
That rubbed off on canola, which was up on the ICE futures markets, with July ending at C $448.10, up $2 per tonne. November was up $2.90, reaching $450.10. In the countryside, elevators in northwestern Saskatchewan were offering $424.28, up $3.50 per tonne, about $9.63 per bu.
Hard red spring wheat at the elevator in southeastern Saskatchewan was up slightly over yesterday. It was being bought for $224.78 per tonne, or $6.11 per bu., based on pricing analysis from the PDQ system operated by Alberta Wheat. Canada prairie spring prices were also up at elevators across the Prairies by between $2.06 and $2.10 per tonne, being purchased in a range between $209 and $229.
The dry weather news for the Midwest sent American corn futures markets up 10 cents for September, ending above US $4.50 per bu., finishing the day at $4.54-25 in Chicago. The basis also moved higher as grain companies to get farmers delivering in the Midwest.
| Name / Contract | High | Low | Last | Change | Settlement |
| Canola Jul 2019 (updated 4:05PM(CST) on 7/11/2019) | 448.10 | 448.10 | 448.10 | 2.00 | 448.10 |
| Canola Nov 2019 (updated 1:19PM(CST) on 7/12/2019) | 451.30 | 444.50 | 450.10 | 2.90 | 450.10 |
| Canola Jan 2020 (updated 1:19PM(CST) on 7/12/2019) | 458.30 | 452.60 | 457.40 | 2.90 | 457.40 |
| Canola Mar 2020 (updated 1:14PM(CST) on 7/12/2019) | 465.20 | 459.50 | 465.20 | 3.90 | 465.20 |
| Canola May 2020 (updated 1:14PM(CST) on 7/12/2019) | 471.10 | 465.30 | 471.10 | 4.00 | 471.10 |
| Soybean Jul 2019 | 906.75 | 902.25 | 906.75 | 10.50 | 903.00 |
| Soybean Aug 2019 | 913.75 | 895.50 | 913.25 | 14.25 | 911.75 |
| Soybean Sep 2019 | 919.50 | 901.25 | 919.00 | 14.00 | 917.75 |
| Soybean Nov 2019 | 932.25 | 913.25 | 931.50 | 14.25 | 930.25 |
| Soybean Jan 2020 | 943.75 | 925.25 | 943.00 | 14.25 | 941.75 |
| Soybean Mar 2020 | 952.25 | 934.50 | 952.00 | 13.50 | 950.50 |
| Soybean Meal Jul 2019 | 313.30 | 312.60 | 313.30 | 1.70 | 312.60 |
| Soybean Meal Aug 2019 | 315.00 | 311.30 | 314.80 | 2.40 | 314.60 |
| Soybean Meal Sep 2019 | 316.70 | 312.90 | 316.50 | 2.50 | 316.40 |
| Soybean Oil Jul 2019 | 28.11 | 27.75 | 28.11 | 0.04 | 28.11 |
| Soybean Oil Aug 2019 | 28.42 | 27.88 | 28.31 | 0.13 | 28.30 |
| Soybean Oil Sep 2019 | 28.54 | 28.01 | 28.43 | 0.14 | 28.42 |
| Corn Jul 2019 | 457.00 | 447.75 | 449.50 | 1.75 | 449.75 |
| Corn Sep 2019 | 455.75 | 441.75 | 454.25 | 10.00 | 455.50 |
| Corn Dec 2019 | 460.75 | 445.50 | 459.25 | 11.25 | 460.00 |
| Corn Mar 2020 | 466.50 | 451.75 | 465.00 | 10.50 | 466.00 |
| Corn May 2020 | 468.00 | 454.50 | 466.75 | 9.75 | 468.00 |
| Oats Jul 2019 | 281.00 | 281.00 | 281.00 | unch | 281.00 |
| Oats Sep 2019 | 282.50 | 277.50 | 281.50 | 3.25 | 281.25 |
| Oats Dec 2019 | 284.75 | 278.75 | 283.75 | 3.00 | 283.25 |
| Oats Mar 2020 | 287.00 | 278.00 | 287.00 | 3.25 | 283.75 |
| Oats May 2020 | 285.50 | 285.50 | 285.50 | 3.25 | 282.25 |
| Wheat Jul 2019 | 538.50 | 535.00 | 536.25 | unch | 536.25 |
| Wheat Sep 2019 | 525.75 | 516.75 | 523.00 | 1.50 | 524.25 |
| Wheat Dec 2019 | 536.50 | 527.75 | 535.00 | 2.25 | 535.75 |
| Wheat Mar 2020 | 548.25 | 540.00 | 547.50 | 2.75 | 547.75 |
| Wheat May 2020 | 553.25 | 544.75 | 553.25 | 2.75 | 553.25 |
| Spring Wheat Jul 2019 | 535.00 | 532.50 | 535.00 | 12.50 | 535.00 |
| Spring Wheat Sep 2019 | 546.50 | 537.75 | 543.25 | 2.00 | 543.25 |
| Spring Wheat Dec 2019 | 560.00 | 551.75 | 556.25 | 1.75 | 556.25 |
| Spring Wheat Mar 2020 | 574.25 | 568.25 | 570.75 | 1.75 | 570.75 |
| Spring Wheat May 2020 | 581.00 | 576.75 | 579.00 | 1.75 | 579.00 |
| Hard Red Wheat Jul 2019 | 461.25 | 439.00 | 461.25 | unch | 461.25 |
| Hard Red Wheat Sep 2019 | 469.00 | 458.00 | 467.25 | 5.75 | 468.25 |
| Hard Red Wheat Dec 2019 | 487.75 | 477.00 | 486.75 | 5.50 | 487.25 |
| Hard Red Wheat Mar 2020 | 505.50 | 496.00 | 505.00 | 4.75 | 505.25 |
| Hard Red Wheat May 2020 | 517.50 | 508.50 | 517.00 | 4.00 | 515.25 |
| Live Cattle (Pit) Aug 2019 | 108.48 | 108.48 | 108.48 | 0.60 | 108.48 |
| Live Cattle (Pit) Oct 2019 | 109.98 | 109.98 | 109.98 | 0.65 | 109.98 |
| Live Cattle (Pit) Dec 2019 | 114.23 | 114.23 | 114.23 | 0.45 | 114.23 |
| Feeder Cattle (Pit) Aug 2019 | 141.60 | 141.60 | 141.60 | -1.03 | 141.60 |
| Feeder Cattle (Pit) Sep 2019 | 142.55 | 142.55 | 142.55 | -0.72 | 142.55 |
| Feeder Cattle (Pit) Oct 2019 | 142.85 | 142.85 | 142.85 | -0.58 | 142.85 |
| Lean Hogs (Pit) Jul 2019 | 71.05 | 71.05 | 71.05 | -0.55 | 71.05 |
| Lean Hogs (Pit) Aug 2019 | 80.65 | 80.65 | 80.65 | 1.48 | 80.65 |
| Lean Hogs (Pit) Oct 2019 | 73.23 | 73.23 | 73.23 | 1.63 | 73.23 |
| Canadian Dollar Jul 2019 | 0.7682 | 0.7666 | 0.7673 | 0.0022 | 0.7673 |
| Crude Oil WTI Aug 2019 | 60.74 | 59.93 | 60.23 | 0.03 | 60.23 |
Prices updated at 1:20PM(CST) on 7/12/2019
