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On the Farm: I took advantage of Cargill Camrose special of August delivered canola (at the time $11.45/bu) and moved pretty much everything I had left. Bins are now ready for harvest time. Just last night I checked crops and noticed we are still two weeks away before I apply pre-harvest Roundup on my wheat fields to help control thistles.
Market Watch:
Canola down, Wheat down, and Barley, Pea and Oat bids are mixed.
This week’s USDA report reiterated that there's big crops out there and whole lotta wheat in the world! Wheat markets are heavily oversold as we enter into the seasonal harvest glut *insert rolling eyes.* Wheat just cannot seem to catch a break. The canola rally is over but luckily has been supported by soybean oil—just wait with sales. Unless you have old crop there are still some good premiums out there.
I'm hearing that it may be a good idea to sell some malt barley (if you have) before China fills all its demand which may allow prices to weaken. With feed, oddly enough, I've seen some prices increase and others decrease.
As for peas, there is more downside risk on greens than yellows. Canada's green pea acreage has increased which is building supplies and hurting prices.
Weekly Price Changes:
- Canola bids are down $0.10/bu
- CPSR bids ended down $0.07/bu
- New crop CWRS bids are down about $0.22/bu
- Feed and Malt Barley bids are mixed
- Oats bids are relatively unchanged/soft
- Certain Yellow pea bids are mixed
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