With the growing likelihood of an interest rate cut by the Bank of Canada, spillover from the move could prove to be beneficial for canola prices, according to Calgary-based Errol Anderson of Errol’s Commodity Wire.
Oilseeds
ICE Canada weekly: Interest rate cuts to have positive or negative effect on canola
Realized Canadian farm income up, net income down in 2023
Total farm cash receipts rose 4.4 per cent compared with 2022 on higher crop marketings; cattle prices
Realized net income for Canadian farmers rose 18.3 per cent in 2023 to C$14.5 billion, as growth in receipts offset a rise in expenses, according to a report from Statistics Canada released May 29.
Chicago soybeans/corn watching weather, wheat
Soybean and corn futures at the Chicago Board of Trade suffered a profit-taking correction on May 29, as speculative positioning and relatively favourable seeding progress across the United States weighed on values.
Manitoba crop report: Seeding continues despite large rainfall
Despite heavy rains as well as snowfall, Manitoba farmers were still able to make planting progress during the week ended May 25, according to the province’s weekly crop report.
Feeding dry fields
Prairie farmers find more than one way to optimize fertilizer efficiency, whether in dry growing seasons or in any growing season
Farmers and crop consultants in Western Canada have slightly different approaches to manage weather-related fertilizer application risks. With variable moisture, do you apply the full amount at seeding and hope for rain — or find another way? Most producers contacted by Grainews opt for some version of split fertilizer application when facing dry growing conditions […] Read more
Editor’s Rant: Strike one, two, three, et cetera
By the time the paper version of this issue reaches you (around May 28), we’ll probably know whether Canada’s rail engineers, conductors and yard workers have reached a new collective bargaining agreement, or hit the picket line for yet another strike, or been legislated back to work. Prairie grain farmers have already seen this movie […] Read more
U.S. grains: Wheat hits 10-month high on reduced Russian crop outlook
Chicago benchmark wheat futures rose on Tuesday, supported by reduced harvest projections in Russia, Wv1 hitting a 10-month high before paring gains.
St. Lawrence Seaway grain movement up five per cent in 2023
Grain movement through the St. Lawrence Seaway was up by five per cent in 2023 compared to the previous year, with Canadian wheat accounting for well over half of all the grain moved, according to a joint report from the Canadian St. Lawrence Seaway Management Corporation (SLMC) and the United States Great Lakes St. Lawrence Development Corporation (GLS) released May 27.
Gene editing race, illegal seed use in crosshairs at World Seed Congress
European Union pushes for alternative seed coatings in a bid to reduce microplastics
Canada is now green on global maps shown at the World Seed Congress in Rotterdam. There’s regulatory certainty for gene-edited crops after regulations were announced in April. That means Canada can play a part the rapid growth of innovation around the world.
Fund short position steady in canola
The managed money net short position in canola futures held steady during the week ended May 21, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).