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Agriculture Roundup for Monday November 7, 2022

Agriculture ministers from roughly 50 countries agreed to redouble their efforts on several issues.

Agriculture and Agri-Food Minister Marie-Claude Bibeau attended two days of meetings at the Organization for Economic Co-operation and Development (OECD) in Paris.

The ministers agreed to continue their efforts to implement better practices to feed the growing world population, fight climate change, and ensure that farmers and workers can make a successful living from agricultural production.

Bibeau acknowledged the leadership of Canada’s producers in sustainable development and ensuring global food security.

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Wheat Futures Head for the Moon on Escalating Drought Concerns

Video: Wheat Futures Head for the Moon on Escalating Drought Concerns


???? Wheat surges on drought: Prices jumped to multi-week highs as worsening dryness grips the Plains, with 70% of winter wheat in drought. Corn edged higher, while soybeans slipped.

??????? Mixed weather pattern: Rain improved parts of the Corn Belt, but drought worsened elsewhere—especially the High Plains and Kentucky. Nebraska conditions sharply deteriorated, with 56% in extreme drought.

????? Oil spikes on tensions: Crude climbed over 3% near $96 as Iran keeps the Strait of Hormuz restricted, while fragile ceasefires keep geopolitical risk elevated. ???? Pulses gain favor: Farmers are shifting to peas and lentils as a rare profit opportunity, driven by strong protein demand and lower input costs.

???? Exports mixed but solid: Corn sales dipped week-over-week but remain strong overall; soybean and wheat sales showed mixed trends, with steady global demand.