To sell or not to sell.
(That is everyone's question!)
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Canola: Thursday's StatsCan report reduced our Canola production from 19.39 MMT in September to 18.72 MMT. This helped canola futures reach new highs. Today, we have seen buyers offer as high as $13.50/bu for old crop to secure some of their needs in the coming months. The story remains the same: canola ending stocks will be tight and South American weather for soybean production in the coming months will play a crucial role.
Wheat: Wheat futures are not that exciting, sorry. Even with StatsCan slight decrease in our wheat production numbers we still have a big crop and there's lots of wheat in the world. Meanwhile, Australia is reporting good crops, the dry parts of the U.S. winter wheat crop have received some precipitation and Russia is reporting 12% of its winter wheat crop as in poor condition. The combination of weaker futures and recent strength in the CAD (eroding wheat basis levels) has presented us with lower cash bids.
Barley: This market is a fun one to watch and has been strong across the board for new and old crop pricing. Did you see new crop bids of OVER $5/bu?? Export demand from China and the strong corn markets have been behind the prices you see today.
Peas: StatsCan raised its pea production estimate to 4.59 MMT up from its previous estimate of 4.36 MMT. In other words, we have lots of peas but yellow pea bids have been steady this week - still can find $9.50+/bu for yellow peas.
Oats: If you have oats, be wary. StatsCan revised oat production to be higher by about 8% more than last year and supplies are plentiful. Bids remain relatively the same this week.
Around the farm: I've been busy watching markets, of course, as well as creating some GPOs for my own grain sitting in the bins. By the way, when was the last time you checked your bins? I have heard from multiple buyers this week that they have been receiving heated grains. Be sure to watch those bins closely as that is your CASH!
On another note, even up here in the 'boonies', an immediate family member tested positive for COVID-19 this week. Luckily it has been more like a "minor cold."
I hope you are all able to stay happy and healthy, especially with Christmas coming up!