Top agriculture market-moving news stories of 2024  

Reading Time: < 1 minute

Published: December 30, 2024

,

Republican presidential nominee and former U.S. President Donald Trump takes the stage to address supporters at his rally, at the Palm Beach County Convention Center in West Palm Beach, Florida, U.S., November 6, 2024. REUTERS/Brian Snyder/File Photo

Grain and oilseed markets had their ups and downs in 2024, with wars, labour unrest, trade disputes and politics often providing more direction than the traditional supply/demand fundamentals.

Russia/Ukraine – The conflict moved through its third year with no end in sight. Attacks on grain handling facilities, difficulties shipping through the Black Sea and shifting production estimates out of both countries were followed closely by traders. 

Middle East – The Israeli war against Hamas in Gaza sparked wider disputes across the region. Resulting turmoil in energy markets was also felt in the grains and oilseeds, while trade through the Red Sea and Suez Canal was hampered.

Read Also

Corn bids and offers have lately been far apart, with bids generally a dollar or more below the C$12 per bushel Ontario farmers would like to see. Photo: iStock/Getty Images

Feed Grain Weekly: Prices in a slow decline

Seasonal weakness and recent rains across the Prairies pressured feed grain prices according to a Moose Jaw-based trader.

 
Panama Canal – Low water levels at the Panama Canal created additional headaches for global grain movement in 2024, although that congestion eventually started to clear up.
 
Labour disputes – Labour unrest was a feature of the Canadian grain trade in 2024, with strikes and/or lockouts at both coasts and at both major railways.
 
China – China began an anti-dumping investigation into Canadian canola in the fall. The country remains the largest export customer heading into the New Year, but the threat of another trade dispute between the two countries remains ever present.

Trump – Trump’s new administration is bound to generate headlines through 2025, but his proposed policies were already riling up the ag markets ahead of his inauguration. Most notably, import tariffs and resulting retaliation could dramatically alter international trade flows.

About the author

Phil Franz-Warkentin

Phil Franz-Warkentin

Editor - Daily News

Phil Franz-Warkentin grew up on an acreage in southern Manitoba and has reported on agriculture for over 20 years. Based in Winnipeg, his writing has appeared in publications across Canada and internationally. Phil is a trusted voice on the Prairie radio waves providing daily futures market updates. In his spare time, Phil enjoys playing music and making art.

explore

Stories from our other publications