Saskatchewan farmers have finished their 2017 harvest

Oct 27, 2017

Farmers had favourable fall weather during harvest

By Diego Flammini
News Reporter
Farms.com

Farmers in Saskatchewan are shutting off their combines for the year, according to Saskatchewan Agriculture’s final crop report of 2017.

99 per cent of crops have been harvested as of Oct. 23. That number is up from 82 per cent recorded at this time last year.

Only some flax, soybeans and sunflowers remain in the fields.

And crop yields appear to be on par with the province’s 10-year average.

“Average provincial yields at this time are reported as 43 bushels per acre for hard red spring wheat, 34 bushels per acre for canola, 18 bushels per acre for soybeans, 63 bushels per acre for barley, 746 lbs per acre for mustard and 1,369 lbs per acre for lentils,” the Crop Report said.

A few factors came together to enable farmers to have a good crop year.

“Harvest weather was favourable for much of the fall, allowing producers to pull off well-above average crop quality,” the report said. “There were also limited reports of diseases, such as fusarium head blight, impacting crop production this year. The majority of crops are being reported as falling within the top two quality grades.”

But there hasn’t been enough rain in the past few weeks, according to the crop report.

And if rain doesn’t fall soon, there could be problems next spring, according to Saskatchewan Agriculture.

“The majority of producers have indicated that the subsoil is very dry and that seeding conditions next spring will be impacted if moisture is not received,” the report said.

Video: Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?

Historically, the USDA December crop report is a non-event or another dud report as the USDA reserves any final supply changes to the final report in January of the following year in this case 2026. But after the longest U.S. government shutdown in history at 43 days and no October crop report will they provide more data/surprise and make an exception?
Our China U.S. soybean purchase tracker is now at 26.6% or a total of 3.2 mmt but for traders it’s taking too long to unfold.
The final Stats Canada production report was bearish canola and wheat projection a record crop in both (it adds to the global glut of supplies) and bullish local corn and soybean prices in Ontario/Quebec thanks to a drought. It will not help the fund flow short-term, the USDA may need to offset it?
A U.S. Fed interest rate cut of another 25-basis point next Wednesday (probability 87.1%) could help fund flow and sentiment in stock and ag commodities into year end.
More inflows into Bitcoin this past week saw prices rebound back above 90,000 with support at 82,000 and resistance at 96,000.
A V-shaped bottom in cattle suggest the lows are in after Mexico reported another new world screwworm case. Lower weights, seasonal demand and higher U.S. beef select/choice values with a continued closure of the Mexican border to cattle will result in a resumption of higher cattle futures into yearend.
Australia is expected to produce its 3rd largest wheat crop ever at 36 mmt adding to the global glut of supplies.
Reports of ASF in hogs in Spain the largest pork exporter in Europe could see the U.S. win more pork export business long-term.
If the rains verify into next week of 3-5 inches for Brazil it would go a long way to fixing the dry regions from the last 2-months, but the European weather model has been wrong for the past 2-months!
Natural gas futures are surging to the 3rd price count as frigid hold temps set in.
CDN $ is also surging to end the week on a very resilient economy and better employment numbers suggesting no interest rate cuts next week.
Finally, the CFTC report showed funds were net buyers of soybeans but sellers of corn, canola and wheat. In real time the funds have gone back to selling as they take some profits.