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Back in business.
(Prices warming up, just like the dirt!)
Well well well. Look who's back ~ $19.50/bu canola and $8.60/bu CWRS (old crop). In case you missed it, markets rallied nicely all this week. It sure is nice when bids you love keep popping up on your phone—we love it, too!
We at Farmbucks are here to do one thing and one thing only: Support you while you prepare for spring seeding and find you your best prices based on your search parameters. OK, that’s two things, but they go hand in hand. Check out our latest bids to get your spring pick me up just in time to start seeding on a high note!
Market Recap:
Canola: Making its way back up, especially the nearby May contract (posting new highs). Last week, old crop cash bids were a measly $18/bu (can you sense a little sarcasm), but this week we saw $19.50/bu being offered! As for new crop futures, they continue to gain some strength too, just not at the same levels as nearby futures. Still, we have found new crop bids reaching $14.50/bu off-combine and $14.78/bu for March delivery. Continue to expect wild swings with the soybean/canola markets because supplies are tight and acres are down, which means weather is crucial.
Wheat: Finally waking up! Minneapolis wheat futures came alive and leads the way higher. Spring wheat futures are strong due to a combination of lower projected acres and concerns of continuing dryness across the major spring wheat-growing areas in the U.S. and in Canada. CWRS bids now have that spread over the CPSR wheat market that we are more used to seeing (about $1/bu difference). Kansas wheat futures are not as strong as it once was because the U.S. winter wheat crop acres came in higher than expected and the winter wheat crops are in pretty good shape. Still, all wheat markets gained some strength this week and there were lots of premiums to fetch so pay attention!
Barley: Demand is pretty quiet. Seen some old crop bids gain strength and new crop feed and malt bids lose strength. There is still widespread speculation that many barley acres will be planted this year. We will find out more when Stats Can release their report on April 27th. For the time being, the rally in wheat and strength in corn will help support high feed grain bids.
Peas: Can still find the odd good price but in general prices are steady to a bit lower. The good news is that we are still busy exporting peas at a strong pace and our supplies are dwindling. As with all the other grains, projected acres and weather will play a leading role in the coming months. In case you forgot from last week's report, the US isn't planting as many dry peas this year either (down 11%).
Around the farm: My yard is spongy and soft since the frost has started to come out of the ground, but we still have piles of snow that are … slowlllllly melting away. I spent this week loading up the hubby with my black gold and sent him on the road. And, since it is spring break, I am teaching my eight-year-old boy how to run our auger and tractor. Teach 'em young, right?! Since wheat markets were hot, I managed to also sell a couple more loads of my old crop 2 CWRS 12.5 to a local buyer offering a premium. Deliveries of canola seed rolled in the yard and I'm keeping a close watch on dyed diesel prices, too, as we continue spring prep. Currently dyed diesel is sitting around $0.80/L (carbon taxes included). It would be nice to see it come down a touch more before I place my big spring order. To those of you brave dirt scratchers already seeding in the fields, be safe out there, but more importantly, enjoy!
Have a great weekend, y’all!
Cheers!
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