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Parched Prairies Receive Desperately Needed Rain

Hot muggy weather across much of central Alberta on Monday, led to a series of thunderstorms that rolled through last evening.

Environment Canada is calling for more showers and possible storms today and cooler temperatures over the next couple of days. So far, no reports of damage from the storms, some of which were severe. According to the latest crop report from Alberta agriculture, 91 percent of all major crop acres are now up across the province. Spring wheat is 94 percent emerged...that's six points ahead of the five-year average, while barley is 87 percent emerged. Canola has about 87 percent of the acres planted, emerged. Tame hay and pastureland are doing better, thanks to the rain we've had recently. The report shows that large areas of the peace and southern regions continue to be drier than normal.

Next door in Saskatchewan, concerns about a worsening drought have all but disappeared for the time being, thanks to a major rain event on the weekend. Some areas received a few inches of rain from the slow-moving storm front that came up from the US. That same storm system dumped upwards of 8 inches of rain on parts of the Dakotas, which were also very dry.

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USDA Feb Crop Report a WIN for Soybeans + 1 Year Trade Truce Extension

Video: USDA Feb Crop Report a WIN for Soybeans + 1 Year Trade Truce Extension


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.