(Make up your mind!)
It was another wild week for canola, plain and simple. The week began with it flying high before tumbling back down to reality by week’s end. Did you miss it? Don’t worry, you can catch all the action on Farmbucks. We help alleviate stress and the time required to really scour the markets non-stop to find the “perfect” cash bid opportunities.
We have good news, though! With new updates to how our alerts are set, you can custom choose a timeframe for your target prices and be alerted when they trigger. So go ahead, play with it. The app, not that! Sheesh.
While we are talking, the theme of this week was all about mental health, which culminated on Thursday with Bell Let’s Talk Day. It just seems right to talk about our mental health lately. Hell, even my emotions swing just like the market does, from high-highs to low-lows. How do I deal with it? I recognize what I am actually in control of and from that I make the best of what I have. Typically, this involves going outside for an adventure, getting my sweat on with a good workout, finding new ways to improve Farmbucks and even getting in a few visits with family and friends (there, I said it!) So, how are you coping?
Last, be warned, the federal government has just changed international travel restrictions. Effective immediately, you cannot travel to sunshine destinations until April 30. To get the full run-down on what's happening, check out the new rules.
Canola: Wild action in nearby canola futures. Early this week it surged higher only to end the week on a downward trajectory. Most buyers seem to have their needs covered until April.
Other canola substitute oil markets are expensive as well so users do not have any clear alternatives to switch to (which would lower canola demand). Without curbing consumption, our supplies are expected to shrink to extremely low levels. So how high will prices go? It's anybody's guess.
New crop canola prices still are not that exciting and trading at a major discount compared to old crop.
The world is still relying on South America’s soybean crop and with recent rains, concerns have been alleviated. Also of note, China keeps buying up a storm and this week the USDA announced another big sale of new-crop soybeans to the Asian nation.
Wheat: Wheat markets are bouncing around and look to be ending the week on a positive note. Strong feed grains prices are supporting it for the time being. Wheat conditions have improved for Russia and the U.S. Plains. Check out your available bids as there have been multiple good prices to consider. This also goes for durum wheat, which tends to see seasonal weakness come spring.
Barley: A little less action for barley this week but prices are still holding strong. I have seen some new crop bids soften by about $0.10/bu however, there are some other new attractive bids out there!
Peas: Same story. Yellow pea bids for both new and old crop have remained strong, and some have strengthened to a degree because Chinese demand remains strong. It is yellow peas that are dragging the green pea prices with it.
Around the farm: Staying sane, moving grain - that's my motto this week. I had sold some canola at $12 back in the day and am moving that contract now - although I’m sad to see it go, especially for $12/bu. I am grateful that prices have gone higher and I continue to work on averaging up.
It's the first 2020 canola crop I have moved so I am pulling some from every bin to make sure everything is stable. I typically run my fans before winter hits and bring my temperatures down to around that 0°C to -5°C range on my canola to avoid any heating. I have a little bit of everything here, anything from 13% moisture down to 7% so needless to say, some blending either on-farm or on-paper occurs.
'Til next week, take care and cheers, friends!