Federal Ag Minister celebrates Canada's Agriculture Day

Feb 22, 2022

Agriculture and Agri-Food Minister Marie-Claude Bibeau delivered the following message in celebration of Canada's Agriculture Day taking place Tuesday, February 22.

“Today, on Canada’s Agriculture Day, I am proud to join Canadians in celebrating the incredible high-quality and nutritious foods produced in Canada, and in thanking the hard-working men and women who bring them from the farm to our plates. While food is a necessity for our health and well-being, it can also be a source of joy for families and friends gathering to share a meal. Our local farmers and producers play an essential role in nourishing Canadian families while being an engine for growing the Canadian economy.

This year’s celebration focuses on strengthening the relationship between consumers and producers who share a common love and appreciation for home-grown food. Canada’s farmers and food producers are an important part of reigniting our economy, and I am grateful for their dedication to ensuring we have access to the foods that bring us together.

Canadians and consumers want to know the food on their tables have been produced and processed sustainably. We can thank our farmers across the country for their leadership in this area. Canadian farmers are good stewards?of the land and have long cared for the environment. By adopting clean practices and technologies, they are helping to build a more sustainable, resilient and competitive agricultural sector for future generations to come.

Sustainable agriculture will also help us to work towards our goal of securing Canada’s position as an agricultural powerhouse. To achieve this, we welcome the ideas and leadership of young Canadians, who will play an active role in shaping the future of our sector. Launched in 2020, the Canadian Agricultural Youth Council is already at work in helping to address today’s global challenges, from succession planning to climate change, as well as ensuring that all Canadians understand where their food comes from and how it was produced.

Today, I invite you to show your appreciation and “raise your forks” in honour of Canadian agriculture, and for all of our farmers who work at it with dedication.”

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Agricultural Market Update: Grain Prices, Crop Conditions, and Weather Impacts

Welcome back to our channel where we provide comprehensive updates on the latest trends and changes in the agricultural sector. This week, we're looking at significant movements in grain prices, crop conditions, and the effects of weather patterns. Let's dive into the details:

Grain Price Decline Grain prices have fallen to their lowest levels since 2020, with December corn down 4.3% and November soybeans losing 3.1%. This decline is partly due to the beneficial moisture brought by Hurricane Beryl to the Midwest, which has improved crop conditions significantly. The USDA reported that corn and soybean crops are in their best condition in four years, contributing to the downward pressure on prices.

Record Short Positions and Market Sentiment Fund traders have increased their net short positions in the corn market to a record level, with a net short of 347,000 contracts of corn. This reflects a bearish sentiment in the market, further influencing grain price dynamics. Similar selling trends were observed in soybeans and SRW wheat, indicating broad market caution.

Weather Impact and Forecast Hurricane Beryl has brought significant rainfall across Arkansas, Missouri, western Tennessee, western Kentucky, and southern Illinois, with more expected over Missouri, Illinois, and Indiana in the coming days. Despite this, the market is currently more focused on the moisture benefits rather than potential heat risks forecasted in the 6-10 and 8-14 day periods.

US Crop Conditions Corn and soybean conditions have shown slight improvements last week, with corn rated 68% good to excellent and soybeans at 68%. These are among the best ratings for this time of year since 2020, suggesting robust crop health that could continue to influence grain prices.

Winter Wheat Harvest and Spring Wheat Conditions The US winter wheat harvest is progressing well, ahead of schedule with significant portions already harvested in Kansas and Texas. Spring wheat conditions are also favorable, with 75% rated good to excellent, although there have been some declines in states like Idaho, South Dakota, and Washington. Brazil's Corn Harvest and US Exports Brazil's second corn crop harvest is advancing rapidly due to favorable hot and dry conditions, with 63% of the crop already harvested. Meanwhile, US corn shipments saw a substantial increase last week, indicating strong export demand, which contrasts with the recent drop in domestic grain prices.

Ongoing Developments Lastly, the USDA reported a flash sale of corn, with significant quantities sold to unknown destinations, scheduled for delivery over the next two marketing years. This could signal ongoing international demand for US corn despite lower prices.

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