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Grain markets gyrated wildly due to conflicting weather variables, projections of still grain/oilseed supplies and shifting currency relationships.
Hot and dry weather worries driving oilseed markets higher
The summer weather market is well underway, led higher by spring wheat.
While the spring wheat surges to new highs, the durum market quietly lags behind.
Spring wheat market trending strongest amongst the grain markets.
China canola imports (seed, oil or both) are poised to ramp up in coming years in part as government-owned inventory rape oil supply depletes.
Global wheat supplies remain large, but prices for high quality, high protein wheats are running up to marketing year highs.
Price positive canola market conditions cannot override bearish global oilseed fundamentals.
Canadian feed barley bids trended slightly upward during spring, and continue to trend higher. But near-term, further gains may be limited.
Profitability potential for pulse crops could yet lead to final spring acres higher than initial forecasts.
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