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Boost your mood.
(and your bottom line.)
Holy. Guaca. Mole! Each week prices have been beating the last, and I'm liking it! We don't see high-level prices like these every day and I'm sure in a few years from now we will be wishing for them again. I don’t even have a fancy message. Just download Farmbucks, sell your canola and get rich enough either pay your carbon tax bill or buy a John Deere X9 – they’re both about the same price!
Market Recap:
Canola: Boy, that escalated quickly. *Ron Burgundy voice* Canola gained strength all week with March futures hitting new all-time highs. With our canola year-end stocks projected at 700,000 MT, it’s about 42% lower than what StatCan estimated in January. For comparison, we had a 3.1MT carryout last year. And guess what? StatCan also estimates our 2022 ending stocks at that same 700,000 MT mark (and that’s IF we increase our production by 8% from our 2020 crop numbers). Where are new-crop prices going to go? There are just too many unknowns right now but it’s definitely looking favourable.
Last week, $16.60/bu was the price to beat for old crop. This week it is a whopping $17.75/bu - offered at multiple locations! New-crop bids are currently reaching $13.80/bu. This is awesome news … now the trick is to pull off a decent crop. As they say on a favourite show of mine, Yellowstone: 'Let's pray for a little rain, a little luck, and we'll do the rest.'
Wheat: Bouncing around all week. Up, then down, then back up to ending the week back down. The cold weather that stretched across the U.S. will have had some effect on the winter wheat crop, but, as previously mentioned, no one knows the extent of the damage until it comes out of dormancy. It is also reported that the Russian crop could be having some issues as the country cut its projected estimates by 1.5 MMT. That, along with continued uncertainty about its tariffs is causing wheat prices to jump around. Time will tell which way this market breaks out of its trading range.
Barley: We have watched certain bids soften a little this week but generally speaking the market is still firm. World barley prices are higher this week, Russia and Ukraine barley may not be available with their export tariffs, and good Canadian export pace and our own feedlot consumption are all supporting factors.
Still good-to-great prices available for both new crop at $5.90/bu and old crop at $6.60/bu.
Peas: Yellows gained more strength. Finding $11.16+/bu for old crop yellows and many $10.00/bu bids for Aug.-Nov. movement on new crop.
Around the farm: Made it back from a wildly fun time in the mountains. It was refreshing for the soul. (I don't think I have left the farm in more than three months). But you know what else is refreshing for the soul - go watch the tv series Yellowstone. It's on Amazon Prime and it’s sooooo good! I’m still in season one and am loving it! Especially for us country folk! Maybe because it reminds me of my grandpa and the way things 'used to be.' You know, back in the day when there were fewer rules, cowboys were actual cowboys, and guns were used to defend your land, animals and family. There's also something really great about the show in giving you that feeling of nostalgia when you see the cattle liners, horses working cattle, and the dramatic re-hashing of what life was once like in rural North America (or, maybe things still are like this in certain corners of the world). Just trust me, go watch it. It has the humour and unpredictability I love. And, well, Kevin Costner makes such a good ol' cowboy.
Anyhow, if you watch it, let me know what you think!
Happy weekend and cheers!!
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