Market Report: July 11, 2024

Above-normal precipitation and cooler temperatures in June helped improve drought conditions across most of the Canadian Prairies, according to the latest drought monitor report from Agriculture and Agri-Food Canada, which reflects conditions as of June 30.

By the end of the month, only 32 percent of the Prairie region’s agricultural areas were classified as Abnormally Dry or in Moderate to Exceptional Drought a significant improvement from 67 percent the previous month. Most of Saskatchewan also showed continued improvement from longer-term drought impacts, with only a few pockets still experiencing drought or abnormal dryness.

Conditions in Alberta were more varied in June, with some regions receiving above-normal precipitation while others remained on the drier side. While drought concerns eased in most areas, parts of the Peace River region were still dealing with extreme to excessive drought.

The canola markets took a significant hit today, with the November contract closing down by C$16.10 per metric tonne, settling at C$632.30 per metric tonne. This drop represents the largest loss posted by the November canola contract since June 3rd. The contract closed near the 50-day moving average and it is crucial that it holds those levels tomorrow. If the contract fails to maintain the C$632 per metric tonne level, we could see even further declines in the canola market. Traders and producers alike should stay vigilant and be prepared for potential volatility in the coming days.

This week, we’ve observed a significant uptick in red lentils, with bids reaching $734.88/MT picked up in southern Alberta. Conversely, barley prices have declined, with current bids in Lethbridge at $265.00/MT or $5.77/BU. Meanwhile, HR wheat prices in the Edmonton area are showing strength at $302.77/MT.

New crop prices are now available and filling up quickly throughout Alberta and Saskatchewan. Farmers and buyers are encouraged to take advantage of these opportunities as the market continues to evolve. Don’t miss out on securing competitive rates for your crops. Contact us today to discuss your options and lock in the best prices for your produce.

Because Farming is Forever,
Camilla Cobb

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