Markets
The Canola Council of Canada celebrated a return to normalcy at its annual meeting at the Canadian Crops Convention in Ottawa. “Our theme this year is ‘from adversity to opportunity’ and I think that’s very fitting,” said Jim Everson, the group’s president. Production has rebounded following the drought of 2021, meaning there’s opportunity to develop […] Read more
Markets
Grocer CEOs reject blame for food inflation
OTTAWA — Grocery executives summoned to the standing committee on agriculture last night defended their profits, saying margins are thin. “We are not profiting from inflation,” said Michael Medline, chief executive officer of Empire Foods, which operates Sobeys, Freshco and other chains. “It is simply not true.” Loblaw CEO Galen Weston insisted the profit at […] Read more
India’s pulse crop questioned
India’s winter pulse crop production will fall well short of the government’s official estimate, says a leading pulse analyst from that country. G. Chandrashekhar, senior editor of The Hindu Business Line, is forecasting 15 million tonnes of rabi pulse production. India’s Ministry of Agriculture is predicting 19.65 million tonnes by comparison. The biggest difference is […] Read more
Bank of Canada holds line on interest rates
The Bank of Canada is holding its key interest rate at 4.5 percent. In a March 8 announcement, governor Tiff Macklem said the country’s central bank is weighing the impact of recent rate increases and prepared to raise interest rates again if necessary to keep inflation in check. But for now, the rate will remain […] Read more
Fertilizer prices drop relative to grain
It might surprise some farmers to hear there are “phenomenal” bargains in the fertilizer market today. Josh Linville, vice-president of fertilizer with StoneX, recently tweeted a chart showing the number of tonnes of canola required to pay for one tonne of urea. That value was 0.4 tonnes as of March 3. “Today is nearly the […] Read more
Wheat down on optimism Ukraine shipping deal to be extended
HAMBURG (Reuters) – Chicago wheat was weakened on Monday by expectations the safe shipping channel to export grain from war-torn Ukraine will be extended. Slow demand weighed on soybeans and corn, which fell ahead of world supply and demand estimates on Wednesday from the U.S. Department of Agriculture (USDA). Chicago Board of Trade most-active wheat […] Read more
Complete reset urged for transition to organics
More research is needed on closing the yield gap between conventional and organic agriculture, says a U.S. researcher. Houston Wilson, director of the University of California’s Organic Agriculture Institute, has conducted a meta-analysis of hundreds of studies on dozens of organic crops. The conclusion is that organic yields are about 20 percent lower than conventional […] Read more
U.S. gets tough on organic fraud
The United States is taking a big step toward preventing organic agriculture fraud. The Strengthening Organic Enforcement (SOE) Final Rule was published Jan. 19 and takes effect March 19, 2024. It is the largest revision to U.S. organic regulations since they were first published in 2000. The changes were made to address organic fraud and […] Read more
Crop prices to drop but still remain high
USDA expects larger supplies to reduce grain and oilseed prices, although they will remain higher than historical levels
The U.S. grain and oilseed price outlook for 2023 is bearish, according to the U.S. Department of Agriculture. “We expect some price moderation with larger supplies,” USDA economist Andy Sowell told delegates attending the 99th annual Agricultural Outlook Forum. But prices will likely remain elevated compared to historical levels. The season-average farm corn price is […] Read more
Soybean crush margins plummet in wake of EPA ruling
Sector says agency’s proposed renewable volume obligation for biomass-based diesel provides little incentive for crushers
There is plenty of uncertainty in world soybean markets, says an economist. Much of the confusion stems from a Dec. 1 announcement by the U.S. Environmental Protection Agency. The EPA set its proposed renewable volume obligation for biomass-based diesel at 2.82 billion gallons for 2023, rising to 2.95 billion gallons by 2025. The proposal was […] Read more
