MarketsFarm

Aug 7, 2024 | marketsfarm.com | Adam Peleshaty

The Canadian dollar jumped to its highest point in nearly three weeks on Wednesday, supported by crude oil prices. The loonie closed at US$0.7279 or US$1=C$1.3739, compared to US$0.7250 or US$1=C$1.3794 on Tuesday. However, the United States Dollar Index was up 0.23 of a point at 103.20. Rising tensions in the Middle East allowed crude oil prices to surge. West Texas Intermediate (WTI) rose US$2.16 at US$75.36 per barrel. Brent crude oil advanced US$1.96 at US$78.44/barrel.

Aug 7, 2024 | marketsfarm.com | Phil Franz-Warkentin

The following includes average grain prices at various areas in Western Canada in Canadian dollars per metric tonne. Figures are provided by PDQ, which is owned by the Alberta Wheat Commission, and provides information services, cash grain market prices and related statistical data. Producers are encouraged to check with several grain companies for the basis levels in their area. Prices as of Aug. 7, 2024.

Aug 7, 2024 | marketsfarm.com | Phil Franz-Warkentin

The following are the closing cash canola prices from ICE Futures for Aug. 7, 2024.  Source:  ICE Futures CANOLA1 Canada NCC Best Bid                  Spot Price     Basis  Contract    Change*Par Region          555.10    -32.50   Nov 24   dn 23.30Basis: Thunder Bay   610.60     16.00   Nov 24   up  7.00Basis: Vancouver     619.60     25.00   Nov 24   up  7.00 *Quote for previous day

Aug 7, 2024 | marketsfarm.com | Phil Franz-Warkentin

Soybean, corn and wheat futures in the United States are all trading near contract lows, with a lack of any significant weather threats likely to keep the bias pointed lower until something changes the narrative. “There’s no story here to drive (futures) significantly higher… we need a story,” said Sean Lusk of Walsh Trading in Chicago. “If we turn hot and dry for the rest of the month that would bend this thing back up, but there’s nobody calling for that,” said Lusk.

Aug 7, 2024 | marketsfarm.com | Adam Peleshaty

SOYBEAN prices at the Chicago Board of Trade (CBOT) declined for the second straight session on Wednesday. Despite the drop, the September contract stayed above US$10 per bushel. Ahead of the United States Department of Agriculture’s August World Agriculture Supply/Demand Estimates on Aug. 12, the trade estimated the average U.S. soybean yield to be 52.5 bushels per acre, half a bushel per acre more than the July estimate.