Tis' The Season
Christmas will be a little different for most this year - but it doesn't mean that we can't be grateful for what we already have. Plus, now that canola hit $14 this week, you can get your kids all the gifts they wanted and even a couple for yourself!
We want YOU to spend more time with loved ones this Christmas! That means less time sifting through texts, emails, apps and websites comparing grain prices. Let's be honest, we've got better things to do. Did you know, Farmbucks uses sophisticated algorithms to update more than 100,000 bids every hour and sorts them as per YOUR specifications? We also provide you with direct contact information to the buyer so you don't miss an opportunity to make a deal.
Canola: Well, hot damn. We have seen $14/bu canola hit yesterday for March/April delivery. The next best bids were at that $13.50/bu level. Canola markets lost ground early in the week but regained its strength in the past couple of days. All in all, it’s finishing the week relatively the same as last Friday. Our canola export pace has been exceptionally high to date and I even read a report that we could run out of canola by June! The canola markets without a doubt will be volatile in the months ahead, so stay alert!
Keep in mind, too, that soybeans supplies are looking to also be tight come late summer 2021. A lot is riding on a successful South American soybean crop. If there's any stress on crops there, soybean markets will have to curb consumption with higher prices, as well.
Wheat: Wheat futures finally showed signs of life! Mid-week wheat futures started to climb higher. A few factors are: On Thursday, the USDA lowered wheat ending stocks, U.S. drought maps show an expansion into the hard red winter wheat growing areas and there are talks that Russia may restrict exports with a quota and/or an export tax (to keep more in-country and help get its bread, flour and food prices back down).
Barley: Great prices for both old and new crop barley remain intact. Watch corn markets as they help hold up barley prices.
Peas: Green pea prices softened this week. Canadian green peas supplies are at a multi-year high without a growing demand. Yellow pea bids remain strong and have the potential for more strength as supplies dwindle down in the months ahead. Canadian yellow pea supplies are relatively the same year-over-year but has increased export demand.
Oats: Cash prices are slightly up. Oat futures have rocketed higher the past week even after StatsCan had reported a large crop on hand. Strong exports, spec fund buying and the high feed grain market (feedlots are using oats in rations to offset the high costs of feed barley, wheat and corn) are all providing support to the market.
Around the farm: A big week looking at my farm numbers, cash flow and future needs. Negotiating and making deals on anything from heavy harrows to combines to canola. Look, I don't want to toot my own horn but when a buyer has a self-proclaimed “special” I can quickly tell how “special” it really is by double-checking Farmbucks. Then, I am able to confidently decide whether or not to jump on it.
Cheers to Friday! Hope you all have a good weekend!