Everything is in the bin.
(Now what's your plan?)
Have you had a chance to take a breath after all your hard work? I hope so. Harvest is wrapped up for the most part across the Prairies and, lucky for us, grain markets continue to gain strength. Make sure you have all your grain samples sent out to be graded since it’s of significant importance to know what you have as you prepare to sell into these wild markets. Farmbucks is here to help you figure it out faster and better. We organize prices as they are - totally unbiased. We want to give you the power - Essentially we give you wings - but not exactly like Redbull, way more like Superman!
There's a lot of unknowns in the marketplace, with the pandemic, the impending U.S. election, China stockpiling supplies, speculative money going long ... that sometime there will be a retracement.
A few notes worthy of re-iteration:
Soybean: Supplies are heavily reliant on the South American crop. If—and its a big if—they have any kind of crop problem this market will rocket upwards.
Corn: Seems to be trading at the upper range. There's still lots of corn out there.
Wheat: Regarding wheat markets, be cautious. It can retrace some of its recent gains if more rain appears in the U.S., Black Sea, and South America. World wheat supplies are still heavy.
Canola: Keeps on climbing! New highs for the year were reached this week. There are still bullish fundamentals behind it. Is the market reacting earlier than expected to the tight supplies forecasted?
Wheat: Follow through to the upside this week. Last week we saw the Dec. Minneapolis futures break above its resistance level of US$5.50/bu. This week it followed through to the upside and surged to the $5.85 mark. Spec funds helped fuel this fire.
Wheat futures did show some signs of tiring out on Thursday but today they picked up some additional strength. Don’t take these prices for granted. We would need extreme weather problems in all major wheat-growing areas to see the same bull market that occurred in 2007/08. We just have too much wheat in the world that our stocks-to-use ratio is extremely high.
Barley: Feed bids continue to inch higher. This is a strong market that will be limited soon by competing/cheaper feed grains. Cattle on feed in AB and SK are up 9% versus last year. I also see strong bids coming from elevators for the export market. The performance of feed barley is supporting malt barley prices, but I am seeing them trade sometimes at the same price.
Peas: Stronger! I've been finding some $9/bu yellow peas and $10/bu green peas.
Around the farm: The shut down has come. I put my disc away as the ground is just starting to freeze up and we finished hauling manure the day it snowed (Mind you it’s still sitting in my yard waiting for a warmer day to get a wash job - that no one wants to do). In the meantime, it’s business as usual dealing with equipment fixes and potential farm equipment upgrades.