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The rally continues.
(prices just keep gettin' sweeter!)
Just when I thought $22 old crop canola was good ... $24+ hits just a few days later!
Wow, what a show! This week did not disappoint, most markets make moves higher (and some were BIG). While you’ve got your heads down checking seed depths, markets are watching weather forecasts and we are tracking all those price moves for you.
Spring seeding is too important to waste your time on anything else but putting in a quality crop. So, once you're going in a straight line, quickly download our app, and check out your TOP grain offers. You’ll be glad you did, especially when you get that price you’ve been daydreaming about in the tractor without even making a single phone call! Try it free for a whole month! Thank us later :)
Market Recap:
Canola: On fire! Futures are just skyrocketing with old crop canola futures over $1000/MT (in response, many elevators and crushers widening out their basis levels multiple times throughout the week) and there have been some fairly good gains in new crop, too. Old crop levels are now hitting $24.00+/bu and new crop 17.25+/bu. We are running out of superlatives for such outrageous prices.
Bean and palm oil markets are holding strong and, as mentioned last week, the EU is projecting lower rapeseed production. The dryness across the Prairies remains an ongoing concern.
Wheat: Wheat markets making their way up and, of course, Minnesota HRS futures lead the way. This market will react the most if our weather remains too dry across the U.S. Northern Plains and the Canadian Prairies because we are early in its growing season, we have lower acres planted, and it’s the world’s supply of higher protein wheat. Durum bids have been fairly quiet until recently, where some upward price movement was detected.
Did you see select buyers offering $8.95/bu bids for old crop feed wheat?! That's pretty good in my books. #2 CWRS 13.5 was bringing $9.78/bu for immediate delivery and $9.50+/bu new crop. Meanwhile, CPS prices are up around the $9.20/bu mark for old crop and reaching for $9.00/bu new crop.
Corn: Flying higher! There’s a huge slash in corn production happening in Brazil where the weather is simply too hot and dry during their corn pollination phase. There will still be lots of corn, but buyers may have to look elsewhere, like the U.S., for additional supplies. Weather in South and North America for the coming weeks will remain top of mind to better understand where this market goes from here.
Barley: Prices moved higher this week. Watch corn for direction. High corn values, dryness, and lack of farmer selling and crop on-hand are all supporting barley prices right now.
Peas: Pretty steady. Nothing new this week. You can still find good old crop yellow pea bids here and there. We shall see what our weather brings in the coming weeks. Fewer green peas being seeded could result in greens fetching a premium over yellows in the coming year. Both greens and yellows are expected to be well supported.
Around the farm: What a busy time of year! It's still cold over here but I am well into seeding with around about a one-third of my total acres in, but of course not without our fair share of mishaps and breakdowns. From electrical issues, running for parts (a couple of hours away), plugging primaries lines on our drill (stupid mistake by the hubby ... I'll tell you later! haha), to blowing hydraulic hoses, to DEF tractor issues, to changing our seed depths late last night. Every day brings on something new. I am taking it one day at a time. Today we plan to trial six different varieties of Liberty Link canola side by side. This should be interesting ... I'll keep you updated!
Happy seeding and be safe out there!
Cheers
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