Soggy fields spur Manitoba farmers to swap corn acres for wheat

May 11, 2022

Farmers struggling in waterlogged parts of Canada’s Prairies are simply ditching acres of corn and soybeans for crops that are likely to fare better, like wheat and canola.

Growers are “extremely concerned” about planting delays, which is prompting the shift, Manitoba’s provincial agriculture ministry said Tuesday in a report. Soybeans and corn have to be planted earlier in the spring season or there is a risk yields will drop. Virtually nothing has been planted in the Canadian province after heavy rainfall in April saturated fields and led 26 municipalities to declare states of emergency due to flooding.

More rain is forecast for the eastern prairies this week. Canada is one of the world’s major exporters of wheat and the top shipper of canola.

“There’s great concern,” said Bill Campbell, president of Keystone Agricultural Producers. “Some guys have started to seed but I could probably count them on one hand.”

Click here to see more...

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!