The board was mostly neutral, with wheat and beans leading the way.
According to Statistics Canada, canola seed production is down 8% and the smallest canola crop seen in 4-years.
Still, the spread between canola and soybean meal seems to be holding. While not great compared to years past, low soybean meal prices seem to be helping keep canola from running.
However, there is a pretty good spread in the soybean meal futures, with nearby meal trading at $297 on the board, and September meal at $311. Hence a nearby price in the low $280s delivered and a clock price in the $290s for canola. Now may be a good time to get covered through the winter on any tonnage you’ve kept open to play the market.
To get prices on these or any feed delivered to you, call your Penny-Newman sales rep.