Twice as nice.
Grain bids this past week did not disappoint! New top bids coming were comin’ in hot, just in time for the madness that is Black Friday! Not only should you be shopping for Christmas gifts, but you also need to make sure to shop out some grain, too! Limited time deals are on everywhere for Black Friday and it’s no different in grain. Actually, specials for grain come and go even faster! Be sure to stay on top of markets.
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Weekly Market Recap:
Rail lines are back open with limited capacity. More rains (atmospheric river) are in the forecast for B.C. More than 100,000 tonnes of grain was delayed because of the rainfall.
The U.S. markets were closed for Thanksgiving Thursday and Friday and trading was slower as many traders covered their positions on Wednesday ahead of the holidays and will return Monday.
StatCan's production report is due out Friday, Dec. 3. We'll see if there are any surprises.
Deals of the week:
$24.00/bu old crop canola, $19.00/bu new crop canola,
$13.50/bu CWRS, $11.00+/bu oats
Canola: This week old-crop canola futures steadily increase while new-crop futures are on the decline. Old crop futures are running high and aren't showing any forms of topping just yet. Right now, the crush pace remains strong, and we have very limited canola supplies (watch for Friday's StatCan numbers) but soybean oil is lagging, Aussie canola will be entering markets, and massive soybean acres have been planted in South America. Weather in South America will need to be monitored closely over the next few months.
A couple of line companies were offering and/or triggering $24/bu Dec.-March canola this week.
Wheat: Chicago and Kansas wheat markets were again flying to new highs the first half of the week ahead of U.S. Thanksgiving. Friday, they both fell pretty hard. Wet weather in Australia is downgrading its wheat quality while nervousness around the Russia–Ukraine conflict, high feed wheat values and dry weather in the winter wheat belt in the U.S. are all supportive.
Minneapolis wheat is holding its own, floating around at high levels. $13.50/bu old crop was available earlier in the week.
Durum markets are mostly quiet as many nearby export demands are covered off. More acres are expected to be grown in the world next year and barring any major weather problems, prices may return to the much lower “normal” levels.
Barley: Barley bids remain high as domestic supplies are tight from the drought and large exports to China. Wheat has been moving higher, too, making feed wheat expensive. Right now, corn futures are still trending higher. Lots of U.S. corn is moving into Canada. When we get enough corn on the books to fill in our needs through to spring, barley prices could soften. South America could also pull off a sizeable crop in the new year—weather permitting (but it’s still a ways away). Chinese demand is a wild card. Its buyers did purchase some corn Friday helping the market hold up even as Crude oil tanked (new COVID-19 variant fears). Ethanol production in the U.S. is also running strong supporting this market.
Peas: Yellows pea bids are holding steady to higher. Demand is spotty.
Oats: Oat cash bids are nothing short of impressive. This week, I've seen bids reach beyond $11/bu! WOW! Be aware that at these levels, it’s almost certain more acres will be grown next year. Watch for new-crop opportunities if you plan to grow oats.
Around the farm: Well, I took off to do work and play in the mountains. There's just something special about it when you're a flat-lander like me! My husband and I stayed a couple nights each at the Copper Point Resort in Invermere and the Rimrock in Banff to celebrate our 10-year wedding anniversary. We had the best time, stopping by Marble Canyon, relaxing in the Radium Hot Springs, hiking Mount Swansea Tower and Johnston Canyon (where we took many of our wedding photos). To top it all off we had a private meal in Fairmont's Dome (see picture above). I'm pretty sure I could qualify to be a travel planner if any of you want recommendations for the Rockies ;) If you want to see more of our adventures you'll have to follow my stories on Instagram!
Have a great Black Friday weekend! Good luck shopping if that's what you are up to!