Take your best shot.
(With these top grain bids.)
While they aren’t too similar in theory, golf works well for farm analogies. Are your crops hitting the fairway or are they in the rough? Did you secure a birdie of a price for your crops or do you need a mulligan? Are your grain marketing plans straightforward or will there be a dogleg now that hot, dry and smoky weather has settled in across the Prairies?
Whatever analogy you use, grain marketing remains essential and so does being in the know. It’s for that reason that Farmbucks wants you to be in the winner’s circle, not missing the cut every Friday. We iron out all the details so you don’t have to wedge grain marketing in on your to-do list everyday. Tee off this weekend with confidence knowing that we hit the pricing links for you 24/7 to let YOU be the driver of your own success.
Another wild week. Read on.
Canola: Canola soared limit-up Monday and Tuesday, slammed lower on Wednesday and since has made some recovery. There is lots of heat-blasted canola across Western Canada. Yield estimates keep declining and we keep praying for measurable amounts of rain to fall.
Monday's USDA report provided no new news for soybeans. They left the soybean production relatively the same, therefore they continue to be sluggish which weighs on the canola market. If soybeans can rally that would help canola reach even higher. Right now, soybeans still have lots of growing season left and there's still a chance for a weather problem to develop. Since supplies are tight, the U.S. will need to pull off a good size crop. Weather remains to be the driver.
Looking at prices:
Old crop bids are up over $1.00/bu more than last week - hearing of $23.00/bu targets hitting
New crop levels are up too ~ $21.83/bu
Wheat: Making gains! On Monday, the USDA slashed its spring wheat numbers down to 345 million bushels. This was far lower than what the trade was expecting. Although there's a big winter wheat crop, the total of U.S. wheat ending stocks was adjusted lower (and again this number was lower than the trade was expecting). September Minn. futures rallied over $1/bu this week (futures sitting at $9.17/bu!) FYI - about nine years ago, futures got up to that $11/bu level.
Of note, all wheat made good gains this week. CPS went along for the ride as well as durum. North American durum production looks bleak.
New crop 1 CWRS 13.5 hitting $11/bu
Barley: As barley continues to suffer from our hot and dry conditions, exceptional bids are coming out of the woods. I've heard of $8+/bu barley being offered for immediate delivery (old crop) in Alberta. Even with all those added acres put in the ground this spring, it now looks like we will once again be in a tight supply situation. Barley bids are reaching $8+/bu in Alberta! With those kinds of high prices, there's no doubt feedlots will be looking to add more corn in their feed rations. This will likely limit how high barley prices can go.
According to Monday's USDA report, corn looks to be in good shape thus far with adequate supplies and numbers. Of course, weather will remain an important factor in what happens next.
Peas: Finally some action. Many bids have increased and specials are now coming out.
Around the farm: Still no rain but some is supposed to fall in the next two days! They keep lowering the amounts; either way, I'll take what I can get! Earlier this week, I went out for a quick crop check to make sure I didn't have any major grasshopper problems as I see them starting to show up around the field edges. I found nothing worth worrying about at this time. We also had to fix fences around pastures as the cattle start to push the lines, looking for greener grass on the other side.
On a more positive note, I was also able to sponsor a hole at a farmer gold tournament in Daysland yesterday and had an absolute blast getting to see and speak to other fellow farmers. It was nice to socialize and relieve stress by hitting a few balls and having a couple drinks. Now I'm wondering how we can have more of these types of events!! Hmmmm….let me know if you are having any in your area
Side note: Shown in the top picture: I pulled out a few balls to drive and found this classic. The original Dargis Seed & Feed golf ball that my parents must have had made wayyy back. Needless to say, I took a photo and did not shoot that ball as I didn't want to lose it! It’s just too cool and brings a smile to my face. Perhaps I should get some Farmbucks balls made up?!
Hope you all have a good weekend!