(That's what we do. For you.)
You like to unwrap gifts. So do I. Well, here’s an early Christmas present: $14+ canola! This is not a typo, people! Christmas has come early!
Farmbucks must be in the Christmas spirit because all week our app keeps spitting out deal after deal after deal.
In the meantime, Farmbucks’ elves are working feverishly to bring you more value, more bids and more user-friendly features in the New Year, which is now *gulp* two weeks away!
Canola: $14/bu canola everywhere it seems - even finding bids of $14.23/bu for March delivery. Canola futures are crushing new highs and you have to go a long way back to find this kind of market. At the same time, soybeans broke above $12/bu and soybean oil is also posting new highs which helped canola move higher. Who knows how high this one will go. I know I keep saying that, but, seriously, who knows? All eyes are on South American weather in the coming month and, for now, prices are acting in the way they should to ration the demand. If you want to read additional information on it try reading this from SaskCanola and note its comment: We see no reason to sell more canola until the New Year. Hmm, will this prove to be the right move?
Wheat: Nothing exciting this week. It did not follow through to the upside after last week’s strong action, but there are certain supporting factors to keep it where it is: the strength of corn and beans, weaker U.S. dollar, Turkey lowering its wheat import tariffs as well as Russia implementing wheat tariffs and quotas. The bottom line is the story remains the same—there is lots of wheat in the world.
Barley: Still strong. So far, corn continues to trend higher lending its support.
Peas: Yellow peas have a strengthening market. Green pea prices are not great and in some cases, they are priced the same as yellows.
Oats: Futures and cash bids have held up nice and the cash price is supported by the strong feed grains and export numbers. Looking outward though, our ending stocks are not going to be tight like canola.
Around the farm: Nothing too exciting. I got tractor quotes for fun, had to homeschool my oldest as he was exposed to another student with COVID-19 and completed more last-minute Christmas shopping. Looking forward to the warmer weather headed our way so I can go for a skate on our dugout with the fam. Oh, by the way, Christmas is in one week! Cheers to another Friday!