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Crop Report

Manitoba Agriculture says total seeding progress is sitting at about 65 per cent complete compared to the three-year average of 81 per cent.
 
Cereal and canola crops seeded last week are emerging quickly, however, many farmers are unable to seed corner-to-corner, as frequent wet spots are preventing machinery access. Delays and stuck equipment are common.
 
Farmers are dealing with excess moisture in many regions, while some producers benefited from last week’s rain.
 
Large amounts of rainfall in some areas left pooled water in field drains and low spots.
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USDA Feb Crop Report a WIN for Soybeans + 1 Year Trade Truce Extension

Video: USDA Feb Crop Report a WIN for Soybeans + 1 Year Trade Truce Extension


USDA took Trumps comments that China would buy more U.S. soybeans seriously and headline news that the U.S./China trade truce would be extended when Trump/Xi meet in the first week of April was a BIG WIN for soybeans this week! 2026 “Mini” U.S. ethanol boom thanks to 45Z + China’s ban of phosphates from Feb. – August of 2026 will not help lower fertilizer prices anytime soon! 30 mmt of Chinese corn harvest is of poor quality and maybe a technical breakout in wheat futures.

*Apologies! Where we talk about the latest CFTC update as of 10th Feb 2026, managed money funds covered their net short position in canola to the tune of +42,746 week-on-week to flip to net long 145 contracts and not (as we mistakenly said) +90,009 wk/wk to 47,408.