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Boom. Crops are off.
(Prices look good, too!)
The USDA released its October S&D report today and most markets closed higher. Increased yields were also met with increased demand.
Canola: Futures ended higher on the week. It's approaching the highs it made mid-Sept. but it's not quite there. Additional support spilled over from soybean oil, which had the most active contract rally today. Tightness in vegoil is expected to continue with healthy domestic and export demand.
Wheat: How high can they go (again)? Wheat futures keep climbing! Prices would look even better if basis levels didn’t widen. Pay attention to this as some elevators widened the basis by over $0.35/bu. It will remain to be seen how much of the dryness news in the U.S. plains and Russia are already factored into these markets.
Barley: Even better! It is not a far fetch to find $5.00/bu FOB prices.
Peas: $8.00/bu yellow peas pretty much everywhere and found $9.20+/bu for greens.
Oats: Some bids bounced a few cents higher this week.
Around the farm: Wrapped up harvest! It sure is nice to be done by Thanksgiving for once. The combines are already cleaned up and put away for next year. Now it’s all the “other” stuff that needs to get done: repair my disc and grain cart, haul manure, and harrow everything before the snow flies!
Overall yields came in below-average which I’m sure surprises nobody. I sent out many wheat samples and the results show great grade and falling numbers, but lower protein (it was around that 12.5-13.0%). Knowing this, I was still able to trigger a great sale with the way wheat futures were flying high earlier this week. I used Farmbucks to quickly and easily find the top bids for wheat in my area and then proceeded to call those buyers for a more detailed discussion about deliveries, blending and drying charges. I ended up making a deal - with an elevator I haven't gone to in years! It pays to follow the data!
The great thing with Farmbucks is that it provides unbiased information. It’s an algorithm for goodness’ sakes, how could it steer you. It keeps you in the loop with all those you don’t 'typically' follow on a daily basis. No one is left out of the picture. Farmbucks always tells you as it is, unlike your friends who tell you that you have a shot with that babe you just found on Tinder.
On that note, happy Thanksgiving!
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