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Friends...
(Check. It. Out.)
Have you ever noticed it looks like a friend just bought a brand new truck, but in reality all they did was wash it? It can catch you off guard! It’s the same old pick-up, but it just looks different, but in a really, really great way! The vehicle seems newer, more durable and dependent. Maybe you’re thinking: why didn’t you do that ages ago? Well, here at Farmbucks, consider us getting a wash! Soon we are going to introduce some subtle changes (and some not-so-subtle ones) that will be coming your way very soon. Everything you love about the app will remain, but we are making it more streamlined to make it even more user-friendly. As well, watch for more grain buyers, bids to be added, additions to grain lists and an overall smoother navigation. This is our New Year’s resolution that we are making good on – helping you make sales and use Farmbucks with a greater ease.
Very soon you will still be able to scroll through every bid in any given location for whichever crop you choose, it will just be easier! In the mean time, you can still hop on Farmbucks now and explore amazing prices. There’s deals to be had depending what you are looking to move, so spend a few minutes and set some new price triggers! You’ll be glad you did.
Weekly Market Recap:
Another wild week for markets. Palm oil hits a historic high.
Deals of the week: $12.50/bu old-crop CWRS, $11.00/bu new-crop CWRS, $10.00/bu new-crop CPSR, $19.00/bu new-crop canola, $12.25/bu new-crop yellow peas
Canola: After tanking Monday, nearby canola futures worked the rest of the week to recover most of those losses. Still, the futures are bouncing around at the top end of charts. New-crop Nov. futures have been steadily clawing their way higher but have yet to break above the $840/MT level. Despite that, bids are strong. It was possible to capture another $0.20+/bu for old-crop canola this morning with targets in place. Currently, selling canola in the near-term is difficult. Exports are slow and crushers are generally looking for canola to be delivered in later months. If you need the cashflow right away, you will have to shop it out harder or you may want to look at selling other commodities that are easier move.
Soybean futures are on the run higher and posted new nearby highs. Good export sales made to China and Mexico supported the market as well as lower production expectations for South America's crop. Brazil's crop to the north received too much rain while Argentina's forecast is turning drier at the moment.
In addition, the vegetable oil market is hot right now. Indonesia, one of the world's top vegetable oil exporter and producer, made it mandatory for its cooking oil producers to sell 20% of its planned export domestically. You can read more here.
Wheat: Wheat was hot Monday and Tuesday making gains with lots of specials popping out. However, wheat markets all turned down hard by Wednesday. There was rain that fell over the parched winter wheat crops in Kansas and Colorado and there was speculation that Russia may put its invasion plans on hold until after the Olympics (how nice). Fast forward two days and wheat has recouped a portion of its losses, as it seems like anything is again possible. Russia could invade sooner as both the U.S. and NATO have ignored Russia's demands to keep Ukraine from joining NATO and for NATO to stop sending assistance to Ukraine. Read more here.
Barley: Barley bids still holding strong with select upticks seen in bids. Corn futures keep trudging higher, supporting barley bids. Corn movement from the U.S. into Prairie feedlots has been slower-paced and domestic feed supplies are tight, holding bids up.
Peas: Some premiums are seen for yellow peas at the moment but generally speaking, both the yellow and green pea markets are softer and quiet for the time being.
Oats: Quiet. Bids mostly unchanged.
Around the farm: There is lots of planning taking place. I spent time exploring alternatives to my fertility plans and am waiting for more agronomic advice to help come up with the best strategy moving forward. I am also entertaining the idea of applying liquid 28-0-0 in crop. I would love to hear any and all of your guys' experience with it!
I also was given the heads up that gas and diesel prices are climbing by five cents next week. Prices before this increase are sitting at around $1.03/L for dyed gas and $1.06/L for dyed diesel (fed. excise tax and AB prov. fuel tax included). Where they go is anyone's guess. National news last night reported that Russia, next to Saudi Arabia, is the world's second-largest oil exporter and Russia may limit shipments to retaliate against any sanctions.
Other than that, my kids seem to have all caught COVID again and I'm over talking about it! Either way, they are doing just fine and I am making them play outside in this beautiful weather! Have a great weekend everyone!
Cheers y'all!
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