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Weather impacts combining in Manitoba

Heavy rain slowed the harvest in Manitoba this past week.

Manitoba Agriculture released its weekly crop report and pulse, and soybean specialist Dennis Lange said the weather interrupted the harvest.

“Monday and into Tuesday areas in the southern part of the province around Winkler-Morden going up toward Morris received excessive amounts of moisture,” Lange said. “They were looking anywhere from four to six inches and other areas have been receiving rainfall throughout the week as well here and there.”

Harvest is roughly 58 percent complete around the province. Lange said farmers have been making good progress combing different types of crops.

“Spring wheat and barley are both sitting at about 90 per cent complete around the province. Oats are sitting at about 88 per cent and canola is at about 55 per cent. That’s a little bit further behind but most of that canola is in the northwest region that still has to go yet,” he said.

The northwest region didn’t get the excessive rainfall that hit the southern part of the central region last week. Lange said yield reports show great variability.

“When you’re looking at spring wheat yields, anywhere from 60 to 90 bushels per acre, an average of 70 in that central and eastern region,” he said. “Northern Interlake region, they were definitely lower there, 25 to 55 bushels per acre in some of these areas just because of the season they had. Some had a delayed start and not a great growing season for them.”

Oats range anywhere from 80 to 180 bushels an acre and barley is at 90 to 116 bushels an acre.

In the east there’s more wheat grading a number two quality versus a number one quality this year, a bit more fusarium here and there and some are oats light. Lange said during a critical time in the summer getting hot weather caused heat blasting and a little bit of lighter oats in some areas.

“But there’s also been some good heavy oats this year so it’s going to be a bit of a mixed bag there,” he said.

With warm weather in the forecast for the rest of this week, Lange said he expects the soybean harvest to get going in the next few days followed by sunflowers and corn.

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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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