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Highs and lows
(Data that won't make you cringe.)
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Market Recap:
Peas, flax and lentil bids gain strength! Most futures markets close lower on the week.
Canola: Canola started out hot early in the week with gains that brought Nov. futures way up to $940/MT before plummeting back down to $864.90/MT today. In case you're wondering that equates to a $1.70/bu difference. Canola has been following soybeans, meal and oil, which are all lower this week. Rain is falling and is in the forecast over the U.S. soybean crop which is increasing its current yield expectations and certainly causing spec money to run out the doors. That being said, we know that canola will be in tight supply and will have to be rationed accordingly.
Wheat: Wheat futures stumbled a bit lower this week. Even after all the bullish news USDA released last week, wheat futures had a hard time standing their ground. Luckily basis levels have improved though, and buyers are looking for wheat. Of note: **today many G3 and Viterra locations are offering a special of up to $11.50/bu for 2 CWRS 13.5 for January 2022 delivery.
As mentioned last week, buyers have virtually no protein spreads for CWRS. Some have discounts in place for under 13.5 protein but I'm sure you can negotiate.
If you grow CPS, be sure to watch feed wheat prices, as they may even beat current CPS bids. There are $11.00/bu bids for feed wheat!
Durum prices continue higher. Word on the street is that buyers are encouraging $20 targets.
Barley: Barley bids are strongest for nearby deliveries, so keep this in mind if you have any sell. There is an inverted market and as more barley is harvested and fills the nearby need, prices will align with lower new crop bids. Corn futures have also been falling as of late. If corn continues lower this will also add pressure to feed barley bids.
Be on the lookout though as malt barley bids have climbed higher this week and some buyers are offering farmers a bonus if their feed barley makes malt quality!
Peas: Climbing higher yet again! Yellow and green pea bids have reached $16.00+/bu! Some buyers are offering $14.25-14.50/bu for immediate delivery to fill their trains.
Flax and Lentils: This week both flax and lentil bids have all moved higher. Red lentils reach .50/lb and green 0.60/lb. Flax is $26+/bu. Low supplies in India and production concerns here have proven to be supportive factors.
Oats: Oat bids remain strong. High demand/low supply should keep this market well supported. Futures this week have hovered at the top end.
Around the farm: We are busy bees on the farm. Our combines were delivered and moved into fields. Headers calibrated. Bugs fixed. Old crop canola moved. Bins swept. Gearbox components replaced. BinSense installed. Remember last winter when I was asking who was pro OPI or pro BinSense? Well, I decided to go with BinSense mainly because of its app. And me being well ... an app person ... I thought it would only make sense (pun intended). I’m excited to now be able to watch my bin temperatures and moisture from my phone. A bin of anything now is worth a small fortune so I think it will be money well spent. Oh, also if anyone is looking, I went through Matt Hansen with MJ Enterprise. He has been amazing! (Also of note, there still may be government funding for temperature/moisture cables through the CAP program.)
There was a long to-do list, but I feel like after today, we officially will be caught up. I went and tried combining some CWRS earlier in the week. My very weak wheat on the higher ground was testing around that 15% and any draw or low spot would test way over 20%. But since we are still in August, and my harvest help doesn't arrive for another week, I decided to stall before trying again. I'll probably go grab a load or two soon so that I can start up my dryer and make sure it's running smooth. There's no rush over here … yet.
To those of you already in the fields, happy harvest!
Cheers y’all!
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