AM Market Report – July 14, 2025 | The Western Producer

GOOD MORNING…HERE IS YOUR MORNING MARKET NEWS

OVERNIGHT GRAIN TRADE

After suffering a notable decline since the start of the month, ICE canola futures are posting some modest corrective gains to start this morning…trading only $1/tonne higher…and now well off highs of an hour ago. Chicago soybeans rebounded from earlier overnight weakness to also post corrective gains early this morning. Soybeans are now up 1 to 3 cents/bu (though gains also pulling back), with the products (oil/meal) also slightly higher.

Corrective buying is at working in the grains. Chicago corn futures are trading 3 to 4 cents higher. US winter wheat futures are up 4 to 6 cents, while spring wheat futures are 2 to 4 cents higher.

US crop markets reversed upward following a weaker opening on Sunday evening ahead of a rainy two-week outlook for the US Grain Belt which continues to be the bearish driver of prices. Last week was certainly a rough week for price action, with Dec corn losing 24.75 cents/bu (new contract lows), Nov soybeans losing 42 cents, Sept Minnie spring wheat losing 33.5 cents and ICE canola futures dropping $32.80/tonne.

The USDA issued its monthly supply/demand report on Friday that kept its US national yield average estimates unchanged from June, but traders projected they will rise if weather conditions remain favorable. Big US harvests would add to large output from rival exporter Brazil.

Markets remain wary amid US tariff uncertainty.

In Other News

– Trump puts 35% tariff on Canada… US President Donald Trump ramped up his tariff assault on Canada on Thursday, saying the US would impose a 35% tariff on imports next month. Trump told Canadian Prime Minister Mark Carney via letter the new rate would go into effect on August 1 and would go up further if Canada retaliated.

Carney said his government will continue to defend Canadian workers and businesses in their negotiations with the US as they work towards that deadline. The 35% tariff is an increase from the current 25% rate that Trump had assigned to Canada and is a blow to Carney, who was seeking to agree a trade pact with Washington.

However, the good news, an exclusion for goods traded covered by the Canada-US-Mexico Agreement (CUSMA) was expected to stay in place…governing about 95% of Canada-US trade, including grain/oilseeds and related ag products…would continue to be tariff free despite the announcement. The 10% tariffs on energy and fertilizer were not set to change, though Trump had not made a final decision on those issues.

Trump whined in his letter about his ongoing bogus claims regarding the flow of fentanyl from Canada, as well as the country’s tariff- and non-tariff trade barriers that hurt US dairy farmers and others.

– Canadian dairy producers are used to Trump calling them out… Dairy producers say they’re used to US President Trump’s jabs at their industry, as he threatens yet another round of tariffs on Canada. But they’re still worried about what the continued threats could mean for the supply management system that protects them. Trump tariff letter to Canada last week specifically called out the dairy industry. “Canada charges extraordinary tariffs to our dairy farmers…up to 400%…and that is even assuming our dairy farmers even have access to sell their products to the people of Canada.”

The claims refers to Canada’s supply management system, with which Trump has long taken issue. In short, Canada controls imports across a few sectors including dairy, poultry and eggs. There are also limits to how much Canadian producers can make of a given product, and how much US producers can send here.

American dairy producers’ exports are allowed to make up about 3.5% of Canada’s dairy market right now as negotiated through CUSMA, though the rates vary depending on the exact product. If they go over that quota, then they’re tariffed at a high rate. Those rates also depend on the product, but for butter, for example, a 298.5% levy applies for 2025, while the figure for cheddar cheese is 245.5% cent. None of the surplus dairy tariff rates go as high as 400%, however, as the president said. The cap is in place to ensure American dairy, which its government heavily subsidizes, doesn’t flood the Canadian market.

– We are not alone…Trump ramps up world trade/tariff actions… Trump extended the effective date on US tariffs announced April 2 to Aug. 1 for a broad range of countries across the globe. They were previously slated to begin July 9. Tariff rate actions announced last week:

20%: Philippines.
25%: Japan, South Korea, Malaysia, Kazakhstan, Tunisia,
Brunei, Moldova.
30%: South Africa, Bosnia, Iraq, Algeria, Sri Lanka, Libya.
32%-36%: Indonesia, Serbia, Thailand, Bangladesh, Cambodia.
40%: Myanmar, Laos.

And on Saturday, Trump announced 30% tariffs on the European Union and Mexico. So far, nothing on Russia…go figure.

Trump will also impose a 50% tariff on all Brazilian goods starting Aug. 1 unless President Lula da Silva halts a trial against former president Jair Bolsonaro.

Meanwhile, blanket steel and aluminum tariffs of 50% will remain in place
but will not stack on top of the new rates. A 50% duty on copper imports will begin Aug. 1.

Pharmaceuticals will have “about a year, a year and a half” to relocate production before facing tariffs as high as 200%.

It’s a dizzying array of tariff nonsense. With these global rounds of US tariffs, Trump is needlessly and recklessly threatening to blow up the rules governing world trade. Maybe next, Trump will try to tariff Canadian wildfire smoke crossing our border.

– Biofuel demand to soak up more than half of US soyoil production next year… US biofuel makers will consume more than half of all soyoil produced in the United States next year as a recent flurry of federal policy moves has transformed the sector, including higher blending mandates and curbs on foreign biofuel imports and feedstocks, the USDA said on Friday. In its monthly supply/demand report, the USDA sharply raised its outlook for soyoil use by biofuel producers in the 2025/26 marketing year, which begins October 1, to a record 15.5 billion pounds, up 11.5% from its forecast a month ago and 26.5% higher than the current marketing year. US soyoil exports were seen tumbling to 700 million pounds in 2025/26 as more oil is consumed in the US, down from 2.6 billion pounds in the current season.

The US Environmental Protection Agency last month proposed to increase the amount of biofuel that oil refiners must blend into the nation’s fuel mix in 2026 and 2027, driven by a surge in biomass-based diesel mandates, along with measures to discourage biofuel imports. The moves were welcomed by the nation’s fast-growing biofuels industry after months of policy uncertainty that had hobbled output of fuels made from vegetable oils like soyoil, canola oil and used cooking oil.

Under the US Renewable Fuel Standard, refiners are required to blend large volumes of biofuels into the US fuel supply or purchase credits known as RINs from those that do.

“EPA not only significantly raised the mandates but also proposed to reduce the number of Renewable Identification Numbers (RINs) generated for imported renewable fuels and renewable fuels produced from foreign feedstocks starting in 2026, which increases demand for domestically produced feedstocks like soybean oil,” the USDA said on Friday. Additional incentives via state biofuel mandates and the federal 45Z clean fuel production tax credit in U.S. President Donald Trump’s recently enacted budget law further fueled the outlook for soyoil use in biofuel, the USDA said.

– Saskatchewan growing conditions remain variable… Growing conditions for Saskatchewan crops continue to vary, with some fields progressing nicely, while others are stressed by dryness, says the latest provincial crop report. April 1 – July 7 rainfall through the province has been especially scarce in large areas of the northwest and southwest, along with pockets in the central and the northeastern parts of the province.

Provincial cropland topsoil moisture was rated 55% adequate, 33% short, and 12% very short as of July 7, declining from 2% surplus, 66% adequate, 23% short, and 9% very short the previous week. “Producers throughout the province are hoping for timely rainfall to accommodate the high crop water usage requirements during this time.”

Crop staging varies throughout the province and within regions as a result of irregular rainfall, the report said. Many fields are at relatively uniform stages, but producers are noting that some fields have inconsistent staging due to dry conditions early in the growing season, which is making spray timing challenging, it added.

Like the previous week, dry conditions and hot temperatures caused the most widespread crop damage, but damage is considered minor in many cases. Wind also continues to cause minor damage to crops, while a few areas received hail that caused minor damage. Minor insect and wildlife damage is being reported in various crop types, with gophers, grasshoppers, and cabbage seed pod weevils causing the most damage.

– Alberta major crop conditions higher… Alberta major crop conditions showed improvement this past week, inching up to more typical levels. Friday’s weekly provincial crop report pegged the overall condition of major crops (spring wheat, barley, oats, canola, and peas) at 65% good to excellent as of Tuesday (July 8), up 5 points from the previous week and now above the five-year average of 63% and on par with the 10-year average.

The spring wheat crop was rated at 66% good to excellent as of last Tuesday, a weekly gain of 4 points, while the barley crop also improved 4 points to reach 67% good to excellent. The oat crop was up 3 points on the week to 63%, while the canola crop improved 6 points to 64%. The pea crop inched 2 points higher to 62%.

The condition of major crops in the South Region was reported at 60% good to excellent, steady from a week earlier, with the Central up 7 points to 78%, and the North East up 9 points to 75%. Major crop conditions in the North West gained 5 points to 82%, while the Peace was up just a single point at 24%.

Rainfall over the past week helped maintain sub-surface moisture across the province, while surface moisture levels were more varied depending on the amount of rainfall received in each region, the report said. Provincial surface soil moisture was rated 56% good to excellent as of Tuesday, little changed from a week earlier and below the five- and 10-year averages of 60%.

Provincially, spring cereal crops are progressing through growth stages ahead of both the five- and 10-year averages, with all regions reporting development surpassing those benchmarks. All areas have reached the booting stage, with the exception of the South Region where spring cereals are primarily in the stages of head emergence.

– Russia orders measures to boost ag exports… The Russian government ordered “necessary measures” to boost ag exports after wheat sales to start 2025-26 fell to their lowest since 2008, without providing specific details. The SovEcon consultancy estimates July wheat exports at 2.0 to 2.5 MMT, compared with 3.67 MMT in July last year. As previously reported, Russia cut its wheat export tax to zero, the first time the tax has been removed since it was introduced in 2021. It is unclear how long the zero-duty period will extend.

Reuters reported there was already a shortage of wheat at Black Sea grain terminals. It quoted a trader as saying, “Grain is arriving at the port two to three weeks later than exporters expected, due to delays in harvesting, lengthy procedures for obtaining declarations and low prices.” But the IKAR consultancy, says wheat exports will stabilize soon as new crop wheat will come to the market.

– Strategie Grains holds EU wheat crop forecast… Consultancy Strategie Grains kept unchanged its monthly production forecast for the European Union’s main wheat crop but cut sharply its corn harvest outlook as it saw recent hot, dry weather having a more severe impact on corn. In monthly cereal forecasts, the consultancy kept its projection for EU soft wheat production in 2025/26 at 130.7 MMT, maintaining its expectation of a 15% rise from last season’s rain-hit harvest.

They say winter wheat harvesting so far had confirmed good yields in Romania, Bulgaria and the Iberian peninsula, though production potential had been slashed in some areas by high temperatures and a lack of moisture. Spring drought in northern Europe, followed by heatwaves in June across the region had raised concern about field conditions, though analysts see later-developing crops like corn and sunflower seed as more at risk than wheat.

For wheat quality, initial harvesting showed generally good results, except for some low protein levels where yields are high, like in Greece, Strategie Grains said.

For corn, the consultancy reduced its monthly forecast for the EU’s 2025/26 crop by 3 MMT, or 5%, to 57.4 MMT, now putting production about 2% below the previous crop. Corn crop conditions had deteriorated sharply in the past month, particularly in southeast Europe, Strategie Grains said.

For barley, the firm increased its EU forecast by 1.3 MMT compared with June to project the harvest at 53.7 MMT, a rise of more than 7% from last season.

– Western Australia’s wheat production set to fall 24% this year… Wheat production in Western Australia, the country’s biggest grain-exporting state, is set to fall by 24% this year because of a lack of rain. Unfavourable weather will lead to lower per-hectare yield of wheat, as well as barley and canola, the Grain Association of Western Australia (GIWA) said. But barley and canola output should hold up better because farmers have allocated more land to them and less to wheat.

GIWA’s wheat production forecast of 9.4 MMT is well below the five-year average for the state of roughly 11 MMT. In a monthly crop report, GIWA said recent rain had prevented bigger yield losses. Crops are still at an early stage, making any output estimates preliminary and subject to change depending on the weather. The harvest takes place in the final months of the year. Below are GIWA’s production and area estimates.

Production (MMT)

Wheat Barley Canola
2024-25 12.45 5.89 2.87
2025-26 9.40 5.71 2.87
% change -24% -3% 0%

– Pulse market weather round-up…The Global Pulse Confederation reports…

Australia – A “rain bomb” has hit parts of New South Wales (NSW), Victoria (Vic), and South Australia (SA) over the last week, reports the Weekly Times. However, the spread of rain has remained uneven. The Mallee regions of SA and NSW continue to struggle with dryness, however, the Australian Bureau of Meteorology (BoM) believes the areas “have likely received sufficient rainfall to germinate dry sown crops” despite the drought. BoM predicts that cropping areas of SA, Vic, and southern NSW will see between 5-50mm of rain over the coming eight days. Dryness issues persist in Western Australia.

India – The pigeon pea-producing region in Maharashtra, is running a 25% rain deficit, reports the Times of India. The India Meteorological Department (IMD) described the chances of resurgent monsoon rains in the region as “unlikely in the near future”. Farmers’ rights activist, Jayaji Suryawanshi, told the Times of India that “survival of crops is difficult in the current weather conditions” and that many farmers in the region have reported failed seeding. Farmers may need to reseed as a result.

USA – North Dakota farmers are deciding whether to replant after losses caused by the recent storm…dry beans are “still popular”, but soybeans and corn lead the plantings, according to AgWeek.

Canada – Some lentil and pea crops in southern Saskatchewan are struggling with drought, reports CKRM Radio this week. “Everything is short, everything is dying,” said Virgina Maier of Enterprise, who added that she believed her peas will not produce pods. Red lentils and yellow peas “are stressed” in southeastern Alberta, also. Devin McNeill, Cypress County farmer, told the Calgary Herald that the lack of moisture has led to “a lot of burned up crops on their farm in Hilda.

– China soybean imports hit record June high… China’s soybean imports hit the highest level ever for the month of June, a Reuters calculation of customs data showed, driven by a surge in shipments from top supplier Brazil. The world’s largest soybean buyer brought in 12.26 MMT in June, up 10.35% from 11.11 MMT a year earlier. June’s import surge was fuelled by a strong Brazilian harvest and increased buying of Brazilian beans amid ongoing China-US trade tensions. According to shipping data provider Kpler, China imported 9.73 MMT of soybeans from Brazil in June, while shipments from the US totalled just 724,000 tonnes.

– Canada seeks pact with Southeast Asian countries to diversify trade…Canada is seeking to finalise a free trade deal with Southeast Asian nations as part of a push to expand into new markets. Foreign Minister Anita Anand said Canada intends to continue a multilateral trade relationship with the 10-member Association of Southeast Asian Nations. Canada believes the global economy will be driven by the Indo-Pacific region in the years ahead, she added.

“The work is being done with alacrity to finalise the text of the free trade agreement,” Anand told Reuters in an interview, following her meeting with counterparts from the ASEAN bloc in the Malaysian capital. “It is complex but we are very much looking forward to it being completed as soon as possible,” she said, without providing further details. Anand said the ASEAN-Canada FTA is one of the ways Canada can diversify its trade relations beyond the Group of Seven nations.

Canadian companies are boosting trade with allies other than the United States, and with smaller markets, as they try to minimize the economic damage from Donald Trump’s tariffs.

– Canada’s unemployment rate drops to 6.9%… Canada’s unemployment rate surprisingly dropped a tick to 6.9% in June as employment increased in wholesale and retail trade, as well as health care and social assistance, data showed on Friday. The economy added 83,100 new jobs in June, the first net increase since January, Statistics Canada said. Most of this employment growth was in part-time work. Analysts polled by Reuters had estimated the unemployment rate would tick up to 7.1% from 7% in May, with no job additions.

This was the final jobs report before the Bank of Canada’s monetary policy decision on July 30…and a better than expected unemployment and job addition numbers is likely to tilt the bank towards another hold in its interest rate policy. The June inflation data coming this week will be the final number which will help the central bank seal its decision.

Money market bets for a rate cut this month shrank to below 20% after the labor force survey, a big change from 30% on Thursday after US President Donald Trump threatened to impose 35% tariffs on all Canadian imports from Aug. 1, which will be over and above the already existing tariffs on various sectors.

Outside Markets

The Dow Jones Industrial Average finished 279.13 points lower on Friday to settle at 44,371.51, while the S&P 500 Index was down 20.71 points at 6,259.75. Early Monday, September Dow Jones futures are down 57 points.

US and European stock market indexes are weaker to start this morning in cautious trading as the latest threats in the Trump’s trade wars with the world kept investors on edge. But there is underlying sentiment that Trump is more bluster than real threat…evident in the TACO trade (Trump Always Chickens Out).

The September US Dollar Index is up 0.126 at 97.655. The Canadian dollar weakened against its US counterpart…currently quoted at 73.14 US cents.

August crude oil futures are up $0.16 at US $68.61/barrel. Oil prices are slightly higher this morning as investors eyed further US/European sanctions on Russia that may affect global supplies, while higher oil imports by China also offered support.

Oil markets have remained remarkably resilient so far this year, despite concerns over US President Trump’s erratic trade policies and rising OPEC+ production quotas. But that strength will now be tested, as Saudi output is starting to surge just as demand appears to be slowing.

Under the leadership of Saudi Arabia, the group including the Organization of the Petroleum Exporting Countries and Russia, started to aggressively ramp up production quotas in April for the first time in over three years. The group is set to add 2.5 million barrels per day of production between April and September.

Given this backdrop, why has crude remained so resilient? It’s likely in large part because most of these fears have yet to materialize. Crucially, Trump not only delayed his tariffs. To be sure, economic activity has slowed in recent months, but not nearly as badly as the initial drop in oil prices implied.? The tide may be turning, however. As we move into the second half of the year, the negative trends that spooked investors in April now appear to be building.

Grain Markets

Chicago soybean futures are trading 1 to 3 cents/bu higher this morning, reversing higher from a lower start Sunday night. Nov bean futures in the past week plunged 42 cents lower, breaking below all its main moving averages (20-, 50-, 100- and 200-day) and breaking below its $10.15-$10.20/bu support line. Nov this morning is up 3.25 cents at $10.10/bu. Nov beans still appear destined to test the psychological $10.00 mark.

Soymeal futures are showing very modest gains this morning of less than $1/ton, and still lingering at contract lows. Soyoil futures have gained 25 to 33 points this morning, with the Dec contract still operating in a broad 52 to 56 cents/lbs consolidation range after gapping higher on June 16.

Rains in US soy country are expected to be rather widespread this next week, with much of the Corn Belt seeing at least an inch, with the central Corn Belt upwards of 2-3 inches.

Weekly CFTC commitment of trader data showed managed money in Chicago soybean futures flipping to a net short of 6,216 contracts as of July 8th. That was a move of 6,641 contracts from their previous modest net long position.

USDA’s supply/demand update on Friday showed a 15 million bu increase to their 2024/25 US export figure, offset by a 15 million bu cut to residual, leaving old crop US bean carryout at 350 million bu. For new crop…there were several more adjustments made, with projected 2025/26 carryout lifted to 310 million bu, up 15 million bu.

There is no doubt that the USDA and the market in general is concerned regarding US trade for the next year given Trump’s threatening trade war with the world, but recent political support for the US biofuel industry and protections for US feedstocks is very bullish for the US domestic crush. The USDA is now expecting 3.25 billion more pounds of soyoil to go towards US biofuel production in 2025/26 as compared to 2024/25.

Chicago corn futures are trading 3 to 4 cents higher this morning, rebounding from a weaker start off contract lows. Futures failed to see much buying post-USDA data release on Friday, as futures slipped into the close with losses of 3 to 5 cents. Dec corn closed out the week with a loss of 24.75 cents/bu.

Rains are expected to be rather widespread this next week, with much of the US Corn Belt seeing at least an inch, with the central Corn Belt upwards of 2-3 inches.

Over the weekend Trump announced a 30% US tariff on the EU and Mexico starting on August 1. Mexico is America’s largest export market for corn by far.

USDA’s supply/demand report on Friday showed the US old crop corn carryout sliding 25 million bu lower to 1.34 billion bu, as a 75 million bu drop to feed and residual offset by a 100 million bu increase to exports. That lowered the carry-in for the new crop side, with production down 115 million bu to 15.705 billion bu on a revised lower acreage total. Projected US national average yield was left at 181 bu/acre. New crop feed and residual use was trimmed on the tighter supplies, with stocks down 90 million bu to 1.66 billion bu.

Friday’s commitment of traders report showed speculators trimming 2,602 contracts from their large net short position in Chicago corn futures as of July 8. That net short stood at a still quite large 203,861 contracts as of Tuesday.

Corn traders this week will be forced to choose between opting on the side of weather and extending bearish bets just above contract lows for most active corn futures, or trading in accordance with the mostly bullish USDA report from Friday.

US wheat markets are also seeing some bounce this morning… Minnie spring wheat futures are up 2 to 4 cents, HRW rising 5 to 6 cents and SRW wheat gaining 4 cents. The US wheat complex posted losses across the three markets on Friday, following a larger than expected US production total. Spring wheat futures led the US wheat declines last week…plunging 18 to 25 cents/bu lower on Friday alone, with a weekly decline of 33.5 cents.

USDA’s report on Friday lifted US all wheat production by 8 million bu to 1.929 billion bu, as yield was raised by 1 bu/acre from last month to 52.6. Overall US winter wheat production was trimmed by 37 million bu to 1.345 billion bu on a drop to acreage. US spring wheat came in above estimates at 503.6 million bu, with durum at 79.7 million bu.

The larger US production and increased carryover (851 million bu +10) was offset by an increase to exports by 25 million bu to 850 million bu. That cut the ending stocks estimate for US new crop by 8 million bu to 890. World wheat stocks for the end of 2025/26 were lowered 1.24 MMT from last month at 261.52 MMT. That came as Canadian stocks were cut on a 1 MMT reduction to production.

The trade’s attention now mostly turns back to US/world winter wheat harvest activity and spring wheat development weather in the northern US Plains and Canadian Prairies.

CANADIAN GRAIN MARKET

US President Donald Trump’s tariff threats overhung the canola market on Friday. Trump on Thursday threatened US imports of Canadian goods with a 35% tariff, although reports indicate goods covered under Canada-US-Mexico Agreement such as most grains, as well as energy and fertilizer, will be exempt. Following a White House official’s confirmation that the exemption would remain, canola futures which initially plunged, quickly reversed initial response.

Chicago soybeans were lower on Friday following the release of the USDA’s monthly supply/demand update. Soyoil managed gains amid a sharp upward revision in the amount of soyoil expected to be used in US biofuel production. European rapeseed was weaker, with crude and palm oil higher.

November canola fell $2.40 on Friday to close at $682.70/tonne, and January was down $2.50 at $691.10.

For today… canola futures this morning were seeing some modest rebound gains this morning…but gains have since trailed off. Benchmark Nov canola futures are now only a very modest $0.10 higher at $682.80/tonne…coming after a $32.90 collapse last week and down a whopping $61/t from the June 19 high. Last week, Nov dropped below its 20- and 50-day moving averages and broke upward trendline support on a line drawn off its March low…a rather disturbing technical development…but not entirely surprising given the strong tendency for the canola market to post one of its seasonal highs somewhere in the month of June. Next support level would be the start of June lows around the $670/t area.

Initial fears late last week that Trump’s 35% tariff rate threat against Canada might also apply to canola were quickly dispelled with confirmation that the CUSMA compliant exemption would remain (for now).

Some Prairie weather relief this week in the form of cooler temperatures may be weighing on prices, though some bullish leadership from CBOT soyoil continues to provide some underlying price support to our canola market.

USDA’s supply/demand report on Friday trimmed its estimate of 2025 Canadian canola production from 19.5 MMT to 19.25 MMT, increased old crop exports to 9.4 MMT from 9.0 MMT (with 9.154 MMT already shipped as of July 6) and increased new crop exports by 100,000 tonnes to 7.6 MMT. The nearly 2 MMT cut in exports from 2024-25 levels is necessary given only 1.616 MMT is estimated for 2025/26 new crop ending stocks.

In related markets…CBOT soy complex are showing some modest bounce higher this morning, as are EU rapeseed and Malaysian palm oil futures. Energy markets are pushing upwards as well.

On the feed grains… As old crop winds down and buyers wait for new crop to come off the fields, feed grain prices are pulling lower…attributable to seasonal mid-summer lack of demand. Cash feed barley pricing delivered into the Lethbridge region trades in the range of $295 to $300/tonne. Some feedlots are transitioning away from barley and more towards imported US corn as prices trend lower. Chicago corn futures continue to press down into fresh contract lows in anticipation of very large 2025 US corn crop prospects. US corn imported into southern Alberta is reported around $290/tonne delivered.

Recent rains across the Prairies have also calmed feed pricing…providing not only much-needed moisture in drier fields, but also confidence that farmers can deliver a reasonable crop in the fall.

Right now, buyers are waiting and seeing how the upcoming barley crop will turn out before determining whether to purchase barley or corn. But demand for feed grain has also slowed down.

Cattle numbers have diminished across the Prairies and in southern Alberta. The demand for grain in the summer did not seem to be there as it had been in the past. Downward pressure on barley and corn prices could continue as growers get closer to harvest…a slow, downward, sideways trend into new crop to see how things shape out after the combines start rolling.

Delivered Old crop feed barley prices in Saskatchewan ranged from $5.25 to $5.60/bu, down 29 cents from a month earlier. Prices in Alberta were from $5.40 to $6.60. Those in Manitoba ranged from $5.04 to $5.35, steady from one month ago.

To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/