Farm Wish Book...
(What's on your list?)
Christmas is coming, and quick! This time of year is about giving and spending quality time with your loved ones, busting out the holiday cheer (alongside a rum and eggnog) and taking a well-earned break. Even though Farmbucks is just an app, you may want to spend a little quality time with it this holiday season. Farmbucks gives gifts, too, such as price triggers on every single crop you have in the bins out back. You can trust our platform for one simple reason – it’s an app for farmers and it’s made by a farmer. This isn’t a ploy to get all your agronomic data. All we are interested in is having you be more profitable. And we all need an extra few bucks once Mr. Visa comes calling in January.
If you are looking for something special, let us help you turn your insights into action. There’s more than one way to use our pricing data. Check out your best bids on Farmbucks and set targets with those who are most likely to trigger them. Find out which company needs your grain most and when. You can also use our data to find out how 'good' your grain merchant's offer really is. Or, hell, use it as a bargaining tool or just to grab offers quickly when they appear.
Weekly Market Recap:
It’s a choppy and lower market, in general, this week. Seems to me that December typically is a dog month for markets. Speculators like to bank profits ahead of year-end and everyone's brain starts to shut down for a couple weeks. Not to say that sparks can’t fly! Anything is possible nowadays.
The USDA released its December update yesterday morning. While it didn’t contain any earth-shattering news, it was a little bearish wheat and bullish soybeans. The rest was fairly neutral. Read through below to know what commodities are worth looking at.
Deals of the week: $23.50/bu old crop canola, $13/bu CPSR,
$11/bu oats, $10/bu barley
Canola: Canola had a down week. Even after lower production numbers from our StatCan report last week and lower USDA soybean numbers this week, canola failed to move up. Bean oil is weaker after the Biden administration proposed cuts to the amount of biofuel required to be blended in fuel. Soybean futures are unlike canola in that it isn’t riding along the top end of charts; therefore, if dryness in South America becomes a concern, there is room for a sizeable rally. Nearby canola futures are still holding above the $1,000/MT level at the moment.
Wheat: All wheat markets were under pressure this week. Speculators were cashing out ahead of the holidays and the USDA report raised its production numbers for Canada, Australia and Russia which contributed to slightly larger global wheat ending stocks. Everyone though is watching Russia and Ukraine. If tensions rise and the situation there escalates, buyers may stay away from making Black Sea wheat purchases. Another supportive factor is high feed wheat values. I've heard feed wheat reaching $13/bu in central Alberta this week. Certain feed wheat values are bringing the same dollar value as spring wheat!
Barley: Barley bids seem to be mostly steady. Reports of $10/bu barley delivered at Lethbridge, AB. Take note, these are crazy high prices we are seeing for feed barley. Make sure to shop around, as you could easily be leaving $1/bu on the table. Supporting factors include short barley supplies and high feed wheat values.
With very limited domestic barley, corn will continue to flow into Canada to fill demand and cap barley prices. Corn charts still aren't giving any clear signals of direction. Corn could pull off another rally if South American weather turns dry and/or China makes a bunch of purchases for ethanol or to feed its hog herd.
Peas: Pea prices held steady this week. Even after StatCan lowered its projection to just 2.258 million tonnes last week, we are waiting for fresh demand. If you have greens, it is suggested to be patient. This week there were buyers looking for Jan.-Feb. delivery on yellows.
Oats: Oats bids are also extremely high and hard to pass up. There's no fresh news to push prices even higher right now. Oat bids remain strong with bids reaching $11/bu.
Around the farm: I'm baaaaaack! Home on the farm. After quite some time away, it was good to get back to my kids and husband. The weather is mild tomorrow before a big cold front comes in, so we are planning a little skating party. Do you remember all that clay I had hauled in this fall to prep a potential shop site? Well, it currently doubles as the perfect skating rink! My husband pushed the snow off the sides for boards, put trees up around the outside to hold our twinkle lights and beautifully flooded it all! (We may never be able to build a shop there now, cause we're going to have just too much fun!)
Enjoy your weekend!