Go ahead. Explore!
(See what buyers have to offer.)
David Thompson, Marco Polo, Christopher Columbus. What do they all have in common? Bingo, famous explorers. Although they did not have smartphones, they were pretty sharp, especially navigating uncharted territory. It sounds kind of like grain marketing, doesn’t it? With Farmbucks we encourage you to explore, explore and explore some more. After all, it’s always more fun to blaze a trail than take the well-worn route, isn’t it?
At Farmbucks we help you explore by populating our app with thousands of news bids each day across Western Canada. Our app can’t be beat, just ask any one of our users—it won’t be hard to find them, we have thousands across the Prairies. Simply set your desired price, save it and go about your business. Wait for the magic jiggle in your jeans to let you know that your price was found—and in your delivery radius—and it’s time to make it rain! As we near harvest, take some of the guesswork out of your day and make an informed decision before givin’ ‘er one last time in the fields!
Markets firm up today just before the weekend arrives.
An important WASDE report will be released next Thursday, Aug. 12, which will contain yield forecasts. These forecasts have the power to make corn and soybeans move in a big way … either the upside or downside. This week corn has been moving sideways and soybeans have gained strength as the forecast is mainly hot and dry.
Canola: Canola made some gains throughout this week as our production/yields are still not fully known. Chart patterns look as though they could be setting up to make new highs.
Watch soybeans, plain and simple. The forecast for soybeans will be released next Thursday and will either help canola jump to new highs or pull it down with it. Soybeans are waiting to see what this report has to say. It is difficult to speculate what will come from it as there are some big soybean crops in the Midwest which will offset the poor crops in the Dakotas. The average expectations are hovering around 50 bu/ac. Anything higher will make markets fall and anything lower will prove supportive. This week soybean futures gained a little strength as the U.S. Corn Belt forecast is mostly hot and dry.
Canola prices moved up this week - check them out.
Wheat: All three wheat markets have room to move higher. Support is coming from Russia's cut in production and speculation that it may be cut even more. Kansas and Chicago gained some ground Monday then traded mostly sideways this week. Minneapolis futures traded sideways all week but this market, in particular, could widen its spread over the others especially in a couple of months time when the shortage of supply is more fully felt (some HRS is entering the market with the U.S. harvest right now).
Prices remain high and strong in general.
As for a few quick notes on durum. Our North American production has been cut almost in half versus 2020. The EU's production is estimated to be similar to last year however France has major quality issues. Buyers in general are caught off guard by the shortfall and have very little of their future needs covered off so prices should remain supported. I've heard that even $20 could possibly be attainable.
Barley: Same story as last week. Barley bids remain strong (some stronger) as crop yields are disappointing and falling short of expectations across the Prairies. More will be known as harvest progresses, however, we do know that feed barley and alternative feed sources like corn and feed wheat will be in demand this coming year so watch those markets, too!
Corn traded sideways in a narrow range. Nothing right now is making it decide which way it should go next. The USDA report next week will offer direction. The average yield is expected to be around 180 bu/ac. Anything below will be bullish and anything above will obviously be bearish. Corn is similar to soybeans in that the crops look good in Illinois, but North Dakota is very weak. We shall see how it all averages out!
Peas: On the rise. Crop estimates are way down from last year and bids are finally reflecting that. It is suggested that yellow peas may not have much more room to move upwards, unlike the green pea market which may gain more spread over the yellows. Finding $12.50-13.10/bu FOB bids.
Oats: Oat prices crept a bit higher as fields turn into greenfeed and yields continue to decline. There is a very short supply projected where rationing is certainly required.
Around the farm: Quiet week as we take one last opportunity to relax before we take out all the machinery and prep for harvest. This time we headed to Roe Lake, Sask., literally in the middle of nowhere, which is actually somewhere totally amazing! There is total peace and solitude. It’s a great place to recharge and relax.
A funny story to share: My girlfriend and I went on our paddleboards late one night and headed out to an island, when all of a sudden we look farther out and notice, to our surprise, something red in the distance (there are only two other cabins on this lake and it’s fly-in only, so you can imagine our surprise to see something new on the shoreline). As the sun was almost set and the wind picked up we decided to head back to the cabin and tell our husbands. We thought maybe it may have been a plane crash. Right away, they took a little tin boat over there and came back with two extra people in their boat! I thought that perhaps they were in distress by the way they looked but after a little conversation, it was actually two men, one of which was Frank Wolf. Little did we know that Frank was named one of Canada's Greatest 90 Explorers of All Time in 2020. He and his companion Dave were on day 24 of their 30-day expedition, portaging their canoe in a huge 1,350-mile loop starting and ending in Fort Mac. Anyhow, we spent the night laughing, drinking, and telling stories with the explorers! You can follow Frank Wolf on Instagram @frankwolf70 if you want to know more and maybe (just maybe) he'll mention us in his upcoming article for Explore magazine.
I hope you all have a great weekend wherever you may be!