MarketsFarm held a Markets Outlook Summit on Thursday discussing the weather, markets, and agronomy.
Mike Jubinville is a senior market analyst with MarketsFarm.
"We're certainly looking at a scenario, especially from the second half of 2020 leading right into today, one of the most significant rallies I think farmers and myself have seen not just in years, but potentially in our careers. It's across a broad spectrum of commodities and it's leading to me this broader view of something we haven't seen in the markets in probably 10 or 12 years," he commented. "Most rallies are typically associated with shortfalls of production and such, and that's really not the case. Whether it's Canada or globally, it's a demand pull environment, where the demand side of the leger has really been aggressive this year, led by China but certainly contributed to by a number of other importing countries that has created an aggressive demand feature to the marketplace that we haven't seen on a scale like this in a long time."
Director of Weather and Markets Bruce Burnett also took part in the summit.
"For most of the Prairies, we are very, very dry. Basically one of the factors that we had last year in terms of the moisture we got during the growing season, sort of the region east of Regina into Manitoba, really received significantly below normal precipitation during last growing season and then on top of it now we've had one of the drier winters on record."
Burnett was asked if southern Manitoba can expect another dose of winter.
"In a place that can get snowstorms into May, you never say never in terms of the last snowfall but I think it's fairly encouraging from a temperature point-of-view over the next two/three weeks, where we're going to see above normal temperatures throughout the Prairies but here in southern Manitoba we're probably going to be a little bit higher than normal compared with some other parts of the Prairies."
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