What goes up…
(You know the rest.)
Most markets took a hit this week. Even still, barley, flax and peas found some strength. Long-term, it’s not all doom and gloom.
Canola: As noted last Friday, prices can turn down in a hurry and they sure did for canola. Prices were down all week with the exception of today where they ended higher. Spec funds were running for the door which deepened the downtrend. In the big picture, the good news is that there are concerns our canola crop will not be able to meet export and domestic demand if it is to keep up to last year's pace. It will be tight and should be interesting how it plays out.
Wheat: Futures took a hit everyday this week and are having trouble finding support. Combines are busy out in the fields and buyers don't necessarily have to pay big premiums to get some nearby deliveries.
Barley: Still strong! Chinese demand and backed up feedlots continue to drive demand and is estimated to cut our carryout to tight levels.
Peas: Peas are moving at a fast pace to elevators! Farmers have already delivered around 25% of our total estimated supply! Pea production in other exporting countries is also estimated to be lower than last year. Finding stronger pea bids available this week.
Oats: Certain bids have weakened in nearby months and strength remains in the later months.
Around the farm: Progress. Progress. Progress. We dried roughly 45,000 bu of tough CWRS and are finally taking some off dry. I don't remember the last time we combined dry grain! We will have roughly 2,000 acres of CPSR and CWRS off the fields come tonight. Yield-wise I expect it to average around 75 bu/ac and a little more for CPSR. It’s always a race to try and beat the rains in the forecast so my crew and I are working lonnnnnng hours. I hope your harvest is going well, too! Stay safe and happy harvest.
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