The Good: The good news in the markets today was definitely canola which was up C$5.10 per tonne on the day. The increase in the canola market helped arrest the slide in canola futures that began last week. The Statistics Canada report this morning did show a small increase in area from the March report, but the 20.8 million acres is still less than the area planted in 2019.
The Bad: Spring wheat conditions in the Northern Plains dropped this week with the Dakotas leading the way. South Dakota spring wheat good to excellent conditions dropped by 12 per cent to 67 per cent. North Dakota conditions were also lower with a 10 per cent reduction to 59 per cent good to excellent. Despite the drop in crop conditions, Minneapolis futures are up by only two to three cents per bushel in the overnight session.
The Ugly: The weekend was one to remember as heavy rains and hail fell in Alberta, Saskatchewan and Manitoba. The rains in Manitoba were in the Brandon area, where over 160mm fell in less than 24 hours. One can’t prepare for that type of intensity and obviously there was significant overland flooding.