(It's a wild ride.)
What can I say? Markets are hot one second and cold the next, sort of like my poker skills. I hope you have your targets in mind because you may have just triggered some record prices! Either way, Farmbucks shows you the good, the bad and the ugly. It is what it is. But if we find good prices, rest assured you are the first to know! That’s because we send custom push notifications to your phone the second we find prices worth noting! And believe me, you want to know about these. It seems every deal is hotter than the last one lately!
Canola: Wild. Limit up to limit down moves. Last week prices approached $17.75/bu. Not bad, right? Well, in the first two days this week bids added another whole dollar more than that at $18.75! Even new crop bids were reaching $14.30/bu. Do not adjust your screen, this is legit. However, all good things must end and markets abruptly crashed back down to Earth after that. They are still sitting slightly above where they were at last Friday, though. It’s just another reminder: do not take these prices for granted. The good news is that demand remains strong, supplies are tight and new crop production vulnerabilities are real. For what it's worth, earlier this week, I spoke with a crusher who said they have zero plans to slow down this summer.
Wheat: Trying to break out of its trading range but nothing is clear. Strong feed wheat bids have provided support to the market so it shouldn’t just crash lower. Waiting to see if there are any exciting developments to get this market to move higher, whether it be issues such as additional cold snaps on the U.S. winter wheat crop or if drought conditions develop come spring.
Barley: Still strong. Some additional specials out this week. Can still find old crop bids for $6.70/bu and new crop at $5.90/bu. Again, if you look at historical data, it’s amazing how good these prices are.
Peas: Old crop yellows gained more strength. Finding $11.16+/bu for old crop yellows and still $10.00/bu bids for Aug-Nov movement on new crop.
Around the farm: I was excited about markets Monday and Tuesday, after that, not so much. To put it bluntly, the week was pretty uneventful, but this weekend will be quite the opposite! I am taking off on a girls getaway weekend in Radium.
As they say: what happens in Radium … well … stays in Radium!
Hope you guys find some time for fun this weekend, too!