Market Report: July 24, 2024

Canola prices are on a joyride, with November futures hitting a high note at $673.10/tonne. Thanks to a boost from soy and other oilseeds, canola’s breaking through resistance levels like a champ. Western Canada’s cash bids are strutting past $14.00/bu, with crush margins cozy at $95 to $102/tonne. 

Meanwhile, the Prairie weather has turned into a sauna, with temps sticking above 30°C, giving the crops a serious case of the sweats. Dry spells are the new trend, but rain might pop in because of the heat. The forecast? A continued heatwave, which could mean faster growth but possibly shy yields. 

As harvest approaches, we’ll see if canola can keep its cool or if it’ll feel the burn. Stay tuned! 

While you’re out there making sure tables are full, don’t forget to keep your own tank topped up too. This heatwave is more relentless than a stubborn weed, and that smoke isn’t doing anyone any favors. So, here’s the deal: 

• Drink up: Keep that water bottle closer than your favorite hat. Hydration is key! 

• Beat the heat: Take breaks during those scorching midday hours. The crops can wait; our health can’t. 

• Plan ahead: Keep an eye on the forecast and adjust schedules to sidestep the worst of the heat. 

• Stay informed: Keep tabs on air quality reports. If it’s smoky, masks aren’t just for the city folk.

• Buddy system: Let’s remember to check in on fellow farmers. A good neighbor can be a lifesaver, literally. 

Remember, the best crop is the one harvested by a healthy farmer. Take care of yourselves out there—you’re not just growing food; you’re growing the future. Stay safe and keep cool! 

Because Farming is Forever,
Joseph

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