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Higher Wheat Protein Levels Being Reported

Manitoba's cereal harvest is quickly progressing.
 
Manitoba Crop Alliance (MCA) Agronomy Extension Specialist Mallorie Lewarne talked about quality of the crops.
 
"We're seeing higher wheat protein levels, anywhere from 13 to 15 per cent as fields were fairly dry during the later portion of the growing season, which favours protein development. Generally, the wheat and barley quality has been reported as good across the province so far."
 
Lewarne says most of the winter wheat and barley has been harvested.
 
Spring wheat is about half done. Yields are a bit lower than expected.
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USDA took Trumps comments that China would buy more U.S. soybeans seriously and headline news that the U.S./China trade truce would be extended when Trump/Xi meet in the first week of April was a BIG WIN for soybeans this week! 2026 “Mini” U.S. ethanol boom thanks to 45Z + China’s ban of phosphates from Feb. – August of 2026 will not help lower fertilizer prices anytime soon! 30 mmt of Chinese corn harvest is of poor quality and maybe a technical breakout in wheat futures.

*Apologies! Where we talk about the latest CFTC update as of 10th Feb 2026, managed money funds covered their net short position in canola to the tune of +42,746 week-on-week to flip to net long 145 contracts and not (as we mistakenly said) +90,009 wk/wk to 47,408.