(Red hot prices.)
It's not too early, or too late, to watch markets. Whether you are busy or not, markets have their own agenda and they don’t care about your schedule! This was another great week for markets. High price levels are here and they are worth looking at. What are you waiting for? Enhance your viewing and find a hot deal near you. All you have to do is visit our website or download the Farmbucks app and get in on the premium grain bid action!
Canola: Unless you have been living under a rock (no judgment) you know canola is red hot. How hot? How about this? $16+/bu old crop canola for May/June delivery has popped up this week! Soybeans soared higher after Tuesday's bullish USDA report (super tight ending stocks projected) but both markets ended the week slightly weaker. Still, the markets have not given us clear reversal signals yet. Maybe now is a good time to ask yourself: how much risk do you want to take off the table? And, what are you willing to lose? instead of: how high prices will go?
Wheat: Wheat markets have shown signs of life and are higher this week! They seemed to tag along for the ride, following stronger corn and soybean markets. Russia seeks to increase its export tax on wheat from €25/MT to €45/MT to help slow export pace and cool its food inflation problem.
Barley: Corn spiked limit up after Tuesday's USDA report and wheat is also stronger, supporting feed grains. There was even stronger feed barley bids and demand this week from local elevators. Year to date, our barley exports are nothing short of impressive as China and other countries worry about food security and stockpile grain. Russia is also looking at putting a €10/MT export tax on barley.
Peas: We have stronger bids for yellows this week with old crop yellows reaching $10.25/bu and new crop $8.80/bu. It appears as though peas will continue to have support from dwindling supplies in other countries and the strong feed grain markets. Greens are less exciting and are trading in some cases lower than yellows.
Around the farm: The white stuff is back! A winter storm came through with high winds and dumped six inches of snow here, which is nice to see … mostly because I'm not hauling grain or feeding cattle but rather trying to entertain my children (with snow piles). I also secured a supply of some seed wheat and replaced leaking cylinders on my 16" auger.
Obviously. I am closely watching markets and locked in targets to those locations where I feel I have the best chance of reaching my goals. First, I refer to Farmbucks to find who my Top Buyers are for the months I’m looking to deliver, then I call those to place targets. That’s it. There’s literally nothing else to it. I hope it helps you do the same!
Happy Friday, friends!