For Monday

Spring wheat futures are lower to start this week, down over 4 cents on the September contract at 640’6. Corn futures are down nearly 8 cents at 420’6 on the September contract.

Canola is up another $14/MT at $737.20/MT on the November contract; positions have rolled from the July contract. Canola crop conditions across Western Canada are said to be a mixed bag and are lending support to futures.

Canadian seeding progress & overall conditions

Tuesday’s Manitoba crop report showed seeding completed, ahead of both last year’s and the 5-year average. No updates on crop conditions in last week’s report, but winter crops are advancing quickly.

Saskatchewan’s crop report from Thursday showed seeding as complete—2% ahead of both last year’s and the 5-year average. The province welcomed rain in many areas last week, though in the areas that did not receive as much rain, topsoil moisture is continuing to decline. Updated conditions will be out next week.

The crop report in Alberta from Friday showed seeding at completion and emergence occurring at a rapid pace. Despite favourable emergence rates and crop development progress, the current limited soil moisture is not supportive, particularly in advanced crops where deeper soil moisture reserves are needed. Rainfall will be needed in several regions for crop development to continue progressing, and precipitation is anticipated across most of the province prior to the release of the next report.

Wheat, oilseeds, corn, & peas

Spring wheat futures were up just over a penny last week as the market sold off to begin the week before recovering losses to finish the week at 645’2 on the September contract.

Canola futures were up over $30/MT last week and closed at $723.20/MT on the November contract. Friday’s announcement from the US Environmental Protection Agency (EPA) proposed a refiner’s blend mandate of 5.61 billion gallons of biomass-based diesel for 2026, which would rise to 5.86 billion in 2027. This announcement pushed the canola November contract to highs not seen since September 2023.

Soybean futures were higher, up over 18 cents and closing at 1069 on the August contract.

Corn futures fell last week, down nearly 5 cents on the September contract and closing at 428’4.

Canadian pea exports rebounded in April, reaching 215kMT, with 170kMT going to China despite the existing 100% import tariff.   

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