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Look what showed up.
(Before you say anything,
hear me out.)
At Farmbucks, we believe in transparency, opportunity and the power of every farm. Which is my way my of saying that I have a prime example of what I am talking about. Dare I show you and tell? I have always ran Deere tractors for as long as I can remember, but look what showed up in my yard for me to try! Honestly, there was a lot of apprehension but after taking this 2021 New Holland T9.565 CVT with 1400 LSW tires for a spin, I must admit I like the CVT transmission, it is just so smooth! The point is, I like to keep my options open and I’ve learned over the years to never say never. The same is true for selling grain. It’s OK to sell grain to new buyers that you haven't dealt with before … and it may actually be a good thing.
Now enough about tractors and colours, let’s talk markets. It was another downer of a week. The hits began on Monday with all major commodities tumbling lower. By Wednesday, everyone was drowning in red and bids has substantially softened across all main crops. However, markets rebounded with a nice size rally on Thursday offering a silver lining that there is hope! But why hope when you can just know? Farmbucks let’s you customize your dashboard, set up price triggers and receive instant notifications once that magic number appears. Don’t believe me? Try it for yourself – I can tell you that the app has made thousands of Prairie farmers (and their bottom lines) much happier thanks to Farmbucks.
Market Recap:
U.S. crop markets are closed Monday for Memorial Day. Canola markets will remain open.
Ceres Global Ag announced this week that it too is planning to integrate a $350 million canola crush facility in Northgate, near Saskatchewan's southern border. You can read more here.
Canola: Like most other markets, canola has been on the decline for two straight weeks, stemming from a combination of weaker vegetable oil markets and falling rains across the countryside which relieved early drought concerns. Yesterday, though, it reversed higher and made back some of that lost ground. Frost has done some damage in certain areas of eastern SK, into Manitoba and frost is possible in the States as well in the coming nights. By now, you all know that canola will remain volatile because of its extremely tight supply situation and we still have a lot of growing season to go. Crop progress and yields will ultimately hold the cards for new crop bids.
Seen a new crop special come out this week at that $16.65/bu level for Dec. delivery.
Wheat: It has definitely taken a beating the past couple weeks after some much-needed rains across the Midwest. Yesterday though it also showed some signs of life. There is talk of quality concerns over the wheat in Texas and Kansas. If that does actually turn out to be true, then the CP+ and higher protein wheats will be in higher demand.
Dryness concerns over the U.S. spring wheat crop are supporting the Minneapolis wheat market. Simply put, it's a weather market.
Feed wheat prices lost a little strength. Before the markets reversed higher Thursday, feed wheat and #2 CWRS 12.5 bids offered from certain elevators were on par.
Barley: Some buyers are still looking for old-crop barley but for the most part feedlots have their summer needs covered. Once they all get their requirements filled, their bids drop to new crop levels. The majority of buyers are focused on contracting new crop. Keep in mind that key barley growing areas in the Prairies are reporting ideal growing conditions, we have a larger number of acres seeded, and who knows how much barley China will purchase from us this year.
Peas: India still has restrictions on pulse imports. Movement for old crop greens and yellows have backed off. Export demand is quiet.
Around the farm: My little canolas look as though they have made it through the frost (phew) but now I am assessing flea beetle damage. There are certain areas in fields that look to have heavy pressure. I have to go re-scout fields this weekend to see if any spraying is required. I do know of a few farmers spraying Decis right now.
Other than that we have been busy moving grain, cleaning bins, receiving herbicides for in-crop and doing more yard work. We always seem to have another project or deal to work on … it never ends and I'm sure it's the same for you all!
Have a great weekend! Cheers!
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