Above-normal precipitation and cooler temperatures helped drought conditions improve across most of the Canadian Prairies in June, according to the latest drought monitor report from Agriculture and Agri-Food Canada showing conditions as of June 30.
Prairie drought conditions improve in June: AAFC
Fund short position in canola at four-month high to start July
Fund traders continued to add to their large net short positions in canola as the calendar flipped to the final month of the 2023/24 marketing year for the crop, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Old crop feed barley in a steady downtrend
Farmers still holding onto old crop feed barley in hopes of better prices may be out of luck this year, as bids continue to drift lower with attention in the market turning to the upcoming new crop.
Seasonal outlook points to warm Canadian growing season
The government agency called for a 50 to 60 per cent chance of above normal temperatures from July through September across most of the three Prairie provinces. The likelihood of warmer than normal temperatures is even higher in the rest of the country, especially in Quebec and the Atlantic provinces.
Manitoba crop weather/conditions varied
Mixed weather conditions across Manitoba over the Canada Day long weekend left some regions of the province dealing with excess moisture, with high winds and cool temperatures also affecting crop development, according to the latest provincial crop report.
U.S. pulse area tops early intentions
Farmers in the United States planted considerably more pulse crops in 2024 than originally projected, according to updated acreage data from the U.S. Department of Agriculture released June 28.
Canadian farmers plant more canola, less wheat than early intentions
Canadian farmers planted more canola and less wheat than originally intended, according to updated acreage estimates from Statistics Canada, released June 27.
Bearish bets rise in canola futures
Bearish bets in the ICE Futures canola market hit their highest level in three months in mid-June, as speculative fund traders added to their large net short position, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
AAFC raises wheat exports call, tightens carryout
Canadian wheat exports in both the current crop year and the upcoming 2024/25 marketing year will likely end up above earlier expectations, according to updated supply/demand estimates from Agriculture and Agri-Food Canada (AAFC), released June 20, that left the balance sheet for canola relatively unchanged.
Soybeans, corn trading sideways and watching weather
Soybean and corn futures at the Chicago Board of Trade both find themselves in relatively sideways trading ranges watching Midwestern weather forecasts to provide nearby direction.
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