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Record Highs Across Most Crops Leaves Oats Behind

It has been reported that farmers in Canada are planting more wheat, canola, barley, corn and soybeans, but fewer acres oats, lentils and dry peas according to the June 2023 Field Crop Survey.

Conditions have been favourable throughout the western part of Canada which helped producers seed in a timely manner. Seeding was nearly completed at the end of May in Alberta which is ahead of the average time because of warm, dry conditions. In both Saskatchewan and Manitoba, planting was slightly behind average due to too much moisture.

Field conditions in Eastern Canada were also favourable and allowed for good seeding progress. In Ontario and Quebec, seeding was mostly complete by mid-May with normal temperature and dry conditions, except for parts of eastern Ontario and western Quebec. In Atlantic Canada, seeding made good progress even with below normal precipitation.

According to the crop survey, wheat levels are the highest seen in over two decades. This large increase will help with making prices more favourable and meeting global demand.

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???? 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.