Markets
Recent nosedive linked to improved weather conditions on Prairies and fund investors reducing their long positions
The canola market has likely peaked and will not fully recover from last week’s carnage, says an analyst. “Both Mike (Jubinville) and I feel that it’s going to be very, very tough to get back to the previous highs right now,” said MarketsFarm analyst Bruce Burnett. The November canola futures contract plummeted almost $200 per […] Read more
Markets
Wet weather likely reduced dry bean acres
A provincial government forecast of how many acres Manitoba producers seeded has shrunk to 100,000 from 125,000
Manitoba’s dry bean growers likely planted less of the crop than originally anticipated, says an industry official. Dennis Lange, provincial pulse crop specialist with Manitoba Agriculture, was initially forecasting about 125,000 acres of the crop, down from last year’s 175,000 acres. He now thinks it will be closer to 100,000 to 110,000 acres as growers […] Read more
U.S. Midwest forecast spells bad news for corn, soybeans
Hot, dry weather in that part of the country could tighten stocks and raise the prospect of higher prices for those two crops
A summer forecast calling for hot and dry weather in the U.S. Midwest will keep the corn and soybean bulls running if it comes to fruition, says an analyst. “It’s hard to rule out some kind of crazy prices this summer,” said DTN lead analyst Todd Hultman. A U.S. drought would add “another layer of […] Read more
Recession worries replace grain production concerns
Fear of recession and improving North American crop weather pushed grain and oilseed prices lower last week. Traders in all investment sectors are nervous that central bank efforts to control inflation could restrain economies too much, pushing them into a recession that will cut demand for everything. That nervousness spilled over into crop markets last […] Read more
Soybean growers reveal Canada’s agricultural strengths
If you just follow news headlines or are active on Twitter and Facebook, Canada can seem like a terrible place to invest money in commodity production. Want to build a mine? Get ready for a decade of consultations, reviews, regulatory three-ring circuses and activist attacks. Want to build a pipeline? We all know what a […] Read more
Demand remains high for Canadian soybeans
Markets for livestock feed, vegetable oil and human food consumption continue to surge, leaving sector in optimistic mood
Despite wobbly production, Canadian soybeans continue to ride a wave of promising future demand. Markets for livestock feed, vegetable oil and human food continue to surge, Soy Canada’s annual meeting heard. “We’re seeing incredibly strong demand for what we grow, especially for our food grade soybeans, that’s a good problem to have,” Brian Innes, executive […] Read moreWP livestock report
Hogs The U.S. national live price average for barrows and gilts wasn’t available June 24 or June 17. U.S. hogs averaged $120.23 on a carcass basis June 24, up from $115.72 June 17. The U.S. pork cutout was $112.20 per hundredweight June 24, down from $114.61 June 17. The estimated U.S. weekly slaughter to June […] Read more
Canfax report
This cattle market information is selected from the weekly report from Canfax, a division of the Canadian Cattlemen’s Association. More market information, analysis and statistics are available by becoming a Canfax subscriber by calling 403-275-5110 or at www.canfax.ca. Fed prices strengthen Western Canadian fed prices have strengthened for three consecutive weeks, gaining $4 per hundredweight. […] Read more
Sovecon ups forecast for Russia’s 2022/23 wheat exports to new record high
June 29 (Reuters) – The Russia-focused Sovecon agriculture consultancy said on Wednesday it had raised its forecast for Russia’s July-June wheat exports by 300,000 tonnes to a new record high of 42.6 million tonnes. Russia is the world’s largest wheat exporter supplying mainly the Middle East and Africa. Exports will be supported by a record-sized […] Read more
Canada supports Ukrainian grain storage
The Canadian government has pledged $52 million to Ukraine for grain storage and laboratory equipment. Prime minister Justin Trudeau announced the funding June 26 during a G7 meeting in Germany. Agriculture minister Marie-Claude Bibeau said she had called the Ukrainian agriculture minister Mykola Solskyi to let him know the help was on its way. “He […] Read more
