Front-month canola prices were in striking distance of CAD $500 per ton as investors continued to speculate on the weather in Canada. Canola prices were one of the few bright spots in the grain markets today. The price of corn, soybeans, and wheat all declined on the day.
Here’s what you need to know about canola prices and more.
Soybean Prices Retreat
November soybean prices shed 4.5 cents on the day. The contract closed at $$8.615 per bushel. January soybean prices fell 4.25 cents to close just under $8.76.
Canola prices, however, finished in the green. November contracts added CAD $1.40 to end the day at $499.10. The January contract added CAD 60 cents to close at $504.00.
Traders were setting their positions ahead of tomorrow’s exports report. The range of expectations sits between 900,000 MT and 1.5 MMT. That would top the 833.594 MT that the USDA reported in private sales last week.
Wheat Prices Slide on Russia News
Wheat prices were dipping Wednesday on news out of Russia. Reuters reported today that Russia is likely not going to impose export limitations in the months ahead. Wheat had been pressing higher in recent weeks thanks to ongoing speculation around Russian policy.
Today, December SRW prices shed 4 cents to close trading a tick above $5.21. March 2019 contracts lost 3.25 cents and closed just under $5.35.
In Kansas City, December HRW contracts lost 3.75 cents to close the day just under $5.19. The March 2019 contract lost 4.25 cents to end the day right above $5.42.
Spring wheat was also in the red today. The December MGEX contract shed 1.75 cents to finish right under $5.90. March spring wheat prices fell 2 cents to finish a tick above $6.02.
Tomorrow, markets will be weighing the weekly exports report from the USDA. Trade estimates range from 250,000 MT to 550,000 ahead of the report.
Corn Prices Go in Reverse
December corn prices finished a tick under $3.65 after shedding 2.75 cents on the day. The March 2019 contract also lost 2.75 cents and ended the day just under $3.77.
Markets were still focusing on developments in the trade front after the U.S., Canada, and Mexico all agreed in principle to a revised NAFTA deal.
This morning, the USDA also announced a private sale of corn totaling 230,000 MT.
Tomorrow, the USDA will report the weekly exports numbers. Trade expectations range from 1 MMT to 1.6 MMT.
Finally, the EIA said today that ethanol production last week averaged 1.015 million barrels per day. That was down 21,000 bpd and is the worst production total since April.
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