Reuters — Russia on Tuesday restated a demand for its state agricultural bank to be reconnected to the global SWIFT payments system to avert the collapse of the Black Sea grain deal, and said it would not accept a reported compromise proposal. With 13 days remaining until the expiry of the deal, which has allowed […] Read more
Russia rejects bank compromise as Black Sea grain deal expiry looms
Collapse of deal could aggravate global food crisis
Dry, hot Canadian summer expected
Normal precip expected for Ontario, Quebec
MarketsFarm — Warmer-than-normal temperatures are expected across all of Canada for the next three months, with average precipitation in most of the agricultural areas of the Prairies. That’s according to the latest long-range seasonal forecast from Environment Canada, released Friday. The government department calls for a 50-70 per cent chance of above-normal temperatures from July […] Read more
EU seen weighing concession to Russian bank over Black Sea deal
New arm of ag bank could connect to SWIFT
Reuters — The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday. With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine […] Read more
U.S. grains: Soybeans rally on supply worries
Plantings weigh on corn; CBOT wheat also falls
Chicago | Reuters — Chicago Board of Trade (CBOT) soybean futures on Monday rallied for a second consecutive session, following a shockingly low plantings estimate from the U.S. Department of Agriculture (USDA) on Friday. Corn futures eased at the start of this holiday-shortened week, remaining at a 2-1/2 year low, on choppy technical trading, traders […] Read more
Prairie Forecast Update: Low lingers in Manitoba
Issued July 2, covering July 3 to 5
The overall forecast remains on track across both Alberta and Saskatchewan, so only a small update is needed for Manitoba. Across Manitoba, the area of low pressure that has been tracking across the northern half of the Prairie provinces is now forecasted to take a little longer to exit this region. The two main impacts […] Read more
U.S. grains: Soy soars after USDA slashes plantings estimate
CBOT corn dives, wheat follows; soyoil runs limit-up
Chicago | Reuters — U.S. soybean futures surged about six per cent on Friday after the U.S. Department of Agriculture (USDA) reported much lower-than-expected 2023 soy plantings and June 1 inventories, while corn futures tumbled on larger-than-expected acreage. Wheat futures fell in sympathy with corn, despite a smaller-than-expected quarterly wheat stocks figure. On the Chicago […] Read more
Saskatchewan drainage work rebates expanded to farmers
Channel clearing, drain maintenance program shares eligible costs
A program to help rural Saskatchewan municipalities and local authorities cover costs of channel clearing and maintaining drains for flood prevention will now expand to include individual landowners. The province’s Water Security Agency (WSA) said Friday its $1 million cost-share rebate program will expand its eligibility beyond RMs, conservation and development area (C+D) authorities and […] Read more
Prairie cash wheat: Canadian bids drop with U.S. futures
Canadian dollar also down on week
MarketsFarm — Spring wheat bids in Western Canada dropped sharply during the week ended Thursday, as a selloff in U.S. futures weighed on values. Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by $23.50-$25.40 per tonne across the Prairies, according to price quotes from a cross-section of delivery points […] Read more
U.S. grains: Corn futures near three-week low
Soy mostly firm ahead of USDA reports; wheat follows corn lower
Chicago | Reuters — U.S. corn futures fell to their lowest in nearly three weeks on Thursday as rains bolstered production prospects in the Midwest and traders braced for key acreage and stocks data due Friday from the U.S. Department of Agriculture. Wheat followed corn lower, pressured by a stronger U.S. dollar, which tends to […] Read more
Prairie Forecast: Alberta low to bring bit of a cooldown
Issued June 28, covering June 28 to July 5
After a fairly active weather pattern over the last few days, at least across the eastern half of the Prairies, it looks like most regions will see much quieter few days to start off this forecast period. Weak upper-level ridging combine with a broad but weak area of surface high pressure should bring typical summer […] Read more