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All I want is...
(Joy for all.)
Start embracing the most magical season with your top grain and oilseed prices in your area. Get a little something for yourself this holiday season and buy yourself some time! How, you ask? Farmbucks. Don't waste any more time logging into numerous apps, websites and scrolling through texts than needed. You will just turn into a humbug and nobody wants that! Check up on and compare thousands of bids on Farmbucks and sell grain with confidence. Then kick back and reward your efforts.
Bids are at all-time highs across Western Canada and it will only take a few minutes on our app to realize that. Do not miss out on the most up-to-the-minute pricing data. We all want to get a little more jingle in our jeans, especially after the year we all suffered through. This is your ticket out. With streaming canola bids 24/7/365 (even for non-members!) and any other crop you want to market, there is something for everyone here. Start December off right, with a marketing win!
Weekly Market Recap:
The markets were wild this week. What else can I say? They took a hard hit Tuesday caused by new COVID variant fears and month-end repositioning. Grain and oilseeds recapture most of those losses and make a decent recovery to end the week.
Yesterday, StatCan made downward revisions to most crop production numbers, as expected.
There are some rail delays and delivery pushbacks due to the damage incurred by the B.C. floods. Buyers are for the most part looking to book in the new year.
Deals of the week: $23.60/bu old crop canola,
$17.40/bu new crop canola, $13.50/bu CWRS, $11.00+/bu oats
Canola: Canola futures took a deep dive down Tuesday, Nov. 30 but flew back up Thursday and Friday recovering most of the losses. Although it looks concerning, underlying fundamentals still allow for more strength to build. Canola is in short supply, which was confirmed by StatCan. It estimated Canadian canola production to be 12.6 million, down slightly from its Sept. estimate of 12.78 million tonnes.
New crop canola futures are struggling and are even more discounted to old-crop futures than it was a few weeks ago.
Weather in South America will need to be monitored closely the next few months. Dryness concerns are creeping in markets although it's still early. Around mid-December soybeans enter a more critical growing phase. If the weather co-operates, South America could be growing one of its biggest soybean crops ever.
Wheat: Minn. wheat is hesitant. Friday, it failed to climb as StatCan surprised the market with higher spring wheat numbers. Reported all-Canadian wheat was above trade expectations and roughly similar to September's report (with the exception of Durum which was slashed). Russia announced that it would allow a higher-than-expected tonnage of wheat to be exported next Feb - June. Supporting factors remain for wheat markets—Australia has a serious quality problem, there are dryness concerns for the Southern Plains in the U.S., feed wheat bids are high and well supported and our Canadian dollar is declining.
Even as markets tumbled down Tuesday, export demand seemed to appear as I heard of $13.50/bu CWRS triggering for Feb. delivery.
StatCan’s Durum production numbers surprised traders. It slashed production down from 3.55 to just 2.65 million tonnes. This is 60% lower than last year's production. As most buyers have nearby needs covered, new demand should come in the New Year and bring strength. As mentioned last week, expect more acres to be grown next year, so be sure to watch and shop available new crop prices.
Barley: Barley bids remain high. China has taken a lot of our barley the past few months with our exports running about the same as last year's levels. Obviously, these were contracts that were made before anyone knew we were going to have a drought. Now we are left with very tight supplies for domestic use. StatCan revised its estimated production down to 6.95 million tonnes. This is supportive barley prices along with strong feed wheat and corn bids.
Corn futures are holding above its recent Nov. 9 low and could possibly have more strength in it with firm crude and ethanol markets, although right now it is not showing any clear direction of where it’s headed.
Peas: Canadian pea production is even lower than originally thought. StatCan lowered its numbers to just 2.258 million tonnes. We are seeing pea bids increase this week and more demand show up for greens, as well.
Oats: Oat bids remain strong with bids reaching above $11.00/bu in Manitoba. No surprises from StatCan. It raised production numbers just slightly from September's numbers to be 2.6 million tonnes. Mills are paying through the roof for oats as there is no other replacement and are now trying to secure new crop production, as well. Check out old and new-crop bids.
Around the farm: I caught a plane and flew up to Whitehorse, Yukon. Why the Yukon you ask? Well, it’s beautiful for one, but my oldest sister happens to live there. She and her husband own and operate NorthCurl Outfitters. They hunt mostly Doll sheep and Alaska Yukon moose up by horseback up in the surrounding mountains. It's absolutely breathtaking and soooo freakin' cool. I would love to do a hunt one day! Anyhow, I am down to visit and help as my sister was expecting and I'm happy to say, I now have my first nephew!
I managed to squeeze in a little time for a dogsled ride as well! What an experience! It was so much fun and I can now check that one off my bucket list :) Hope you guys are out checking things off your bucket list too! Stay warm, winter is just getting started!
Cheers y'all!
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