56 The Business of Prairie Agriculture Better Farming | September 2024 years when there had been some significant problem spots. 2024 summer crop conditions for most of the region were running above both the five- and ten-year averages. Like Ontario, the U.S. Midwest too (albeit at a much larger scale, obviously) started the planting season with very wet crop conditions as some regions experienced heavy rainfall. So much so that there were delays in planting for many parts of the U.S. Midwest. But, as they do often, the resilient farmers caught up with getting their intended acreage planted. During late spring-early summer, the region faced an advertised heat wave, which brought with it higher-than-normal temperatures, but it lasted for only about a week at best for most parts of the region. The heat wave threatened to stick around longer and expand and affect the young crops during key developmental stages, but that was not the case. In fact, the excessive heat and dryness helped the developing crop following the excessively wet opening to the season. And for those areas that needed a drink, early July saw Hurricane Beryl make landfall and carry with it moisture for the drier regions of the United States’ Eastern Corn Belt. A lack of moisture has just not been an issue for the 2024 North American crop season and excessive moisture concerns in those parts that were hit by historic floods have not really been reflected through deteriorating crop conditions or yield reductions. The summer weather scare was over for the most part. With the funds record short, any corrective short covering rally as we chase some shorts out will be magnified in both canola and spring wheat futures, and provide farmers one last opportunity to hedge 2024 bushels at higher prices. Weather headlines do not have the same impact anymore like they did eight years ago, and any future rallies tend to fizzle out quicker because of larger ending stocks. In the United States, South America and the Black Sea Region, the 2024 weather scare died before it could gain any traction, and with it the hopes for a bullish 2024 summer for the grain markets. The speculative funds found no excuse to buy into such a well-supplied grain market at a time when demand had been facing many challenges, especially on the export front. Given no weather threat in 2024 and hopes of a peak for the 89-year drought cycle being pushed to 2025 or further out, the grain price situation could get worse (add some geopolitics in 2025) before it gets better. BF CABEF is a registered charity (#828593731RR0001). For more information on all registered charities in Canada under the Income Tax Act, please visit Canada Revenue Agency www.cra-arc.gc.ca/charities. Contact CABEF today to learn how you can become a “Champion of CABEF” at info@cabef.org Congratulations to this year’s CABEF scholarship recipients. @CABEFscholarship cabef.org Meet the next generation of Canadian agri-food leaders These exceptional students are the winners of the 2024 CABEF Scholarships. We are proud to support each of them with $2,500 for their ag-related post-secondary education. Help us empower more students to pursue diverse careers in agri-food. Strengthen the future of Canadian agriculture and food by investing in the cream of the crop. Become a Champion of CABEF and directly support a scholarship for a Canadian student. Brooke-Lynn Finnerty Sturgeon County, AB Faryal Yousaf Brandon, MB Allison Goodyear Ottawa, ON Emma Bishop Round Hill, NS Emma Pflanz Vancouver, BC Mary Lee McNeil Alameda, SK Moe’s Market Minute MOE AGOSTINO & ABHINESH GOPAL Maurizio (“Moe”) is chief commodity strategist with Farms.com Risk Management and Abhinesh is head of commodity research.
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