Reading Time: 2 minutes Spring wheat bids in Western Canada continued to trend lower during the week ended Jan. 18, as a move to contract lows in the United States futures weighed on values and countered support from a weaker Canadian dollar.
Western Canadian wheat bids trend down with U.S. futures
Canadian dollar weakened relative to U.S. counterpart
Western Canadian feed market cold, but quiet
General trend in barley pricing flat to lower
Reading Time: < 1 minute Extreme cold temperatures in Western Canada have done little to move the needle on feed grain markets as corn continues to come up from the United States and end users appear well covered for the time being.
Bulk ocean freight rates fall from highs despite uncertainty
Container rates have climbed higher as Houthi attacks in the Red Sea have caused diversions
Reading Time: < 1 minute The Baltic Dry Index (BDI), a major indicator of bulk shipping rates, has dropped sharply over the past month after hitting 18-month highs in early December. Meanwhile, container rates have climbed higher over the same period as attacks by Houthi militants in the Red Sea have caused many shipping companies to divert their vessels.
USDA confirms larger U.S. lentil/pea/chickpea crops
Edible bean production down slightly with lower seeded area, yield
Reading Time: 2 minutes Final production estimates for the past growing season from the United States Department of Agriculture confirmed larger lentil, dry pea and chickpea crops in the country in 2023/24 compared to the previous year, as yields improved for all three crops. However, edible bean production was down slightly as both yields and seeded area were down for the crop.
Speculative short position hits new record in canola
Soybeans hit largest net short position since March 2020
Reading Time: < 1 minute Speculators were back adding to their large net short position in canola to start 2024, taking the bearish bet to a new record, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
ICE canola weekly outlook: Possible support uncovered
Chicago soyoil has shown some stability, underpinning canola
Reading Time: < 1 minute The ICE Futures canola market hit fresh contract lows to start 2024 but may have finally uncovered some support.
Prairie spring wheat bids start year on a soft note
The Canadian dollar again weakened relative to the greenback
Reading Time: 2 minutes Spring wheat bids in Western Canada moved lower during the first week of 2024, as losses in the United States futures more than countered the supportive influence of a weaker Canadian dollar.
CBOT weekly outlook: Soybeans, grains looking bearish to start 2024
Corn consistently below moving averages a bearish sign says analyst
Reading Time: < 1 minute Soybean, corn and wheat futures all came under pressure to start 2024, with the path of least resistance pointing lower still despite the potential for some end-user bargain hunting.
Warmer winter likely across Canada
High probability of warm spring to follow, long-range forecast shows
Reading Time: < 1 minute Warmer than normal temperatures are expected across all of Canada through the winter months, with average precipitation for most of the agricultural areas of the Prairies, according to the latest long-range seasonal forecast from Environment and Climate Change Canada, released Dec. 31.
Funds holding large net short in canola heading into 2024
Corn traders were covering shorts and putting on some new longs as New Year rolled in
Reading Time: < 1 minute The net short position in canola futures was sitting near its largest levels on record to end 2023, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
A message from April Stewart, Country Guide's Associate Editor
