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Bids for everyone.
(No matter the crop, we got you)
Remember how the “cool” kids in school seemed to stand out in a crowd? Everyone worshiped the ground they walked on and wanted to be like them? Well, guess what? If Farmbucks was in high school, it would put the cool kids to shame. That’s because Farmbucks is for everybody! We want to be pals with all farmers. After all, how can you say no to what we offer—complete and total price transparency!
It’s been a beauty of a week for pulses, but what are your options? Tap on your Farmbucks app and we’ll show you every single bid from ice cold to red hot, it’s what we do. When crops make a move, guess what? We’re already one step ahead and bids have automatically been posted to Farmbucks for your price-setting pleasure. If you hear it in the coffee shop, that means it’s already on the app. Do yourself a (free) favour, download Farmbucks and start hitting higher price triggers like a BOSS!
Market Recap:
Canola: Canola trades sideways until today's sell-off which could be a combination of month-end profit taking and improved weather for the U.S. soybean acres.
There are some pop-up specials of $23/bu for old crop, so if you have anything left in your bins that you want to clean out, shop it around!
Wheat: Made some nice gains this week. Wheat futures are roughly back up to where they were 10 days ago.
It was reported this week that Russia and Kazakhstan's wheat production is lower than anticipated due to hot and dry conditions. Meanwhile, Ukraine is set to have a record crop with likely lower quality and protein. All things considered, there are no major concerns for wheat as our stocks and production in the world are plentiful.
Barley: Barley bids remain strong with little changes.
Peas: Finally some action! Pulses are on the rise. Green and yellow pea bids jumped up to $12.50/bu FOB and $11.67/bu for new crop.
Supporting lentil bids was news that India will reduce its import duty from 33 to 11 percent, with no set expiry. Lentil bids responded with some additional strength this week.
Oats: Oat prices remain relatively the same this week.
Around the farm: Cattle are running low on grass in the area and neighbours are looking for hay to supplement them. After a quick crop check, crops are disappointing and I estimate a further cut in yields to less than half of our average crop size. There are large areas where the plant density is scarce—crops look much better when driving by the fields at 100 km/h! (see below for more crop pictures)
Meanwhile, I also looked into fertilizer prices. To give you an idea, urea is running around $700/MT, phos $965-1000/MT, potash $575-600/MT, and sulphur $530-560/MT. On my blends, cost per acre wise, it translates to 1.5 times MORE than last year and is in contention with the highest I've ever had to pay! (Side note: I didn't buy just yet). Yuck. Out of curiosity, let me know if you received any bids ;)
Problems aside, I hope you all have a great long weekend!
Cheers!
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