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A few bright spots
(Always better than low spots.)
The USDA's stocks report released mid-week prompted certain markets such as corn, soybeans and wheat to jolt higher. Corn flew higher as the stocks estimate came out lower than even the lowest end of pre-report guesses.
Canola: It is clawing back some of its recent losses. Short-term prices may need a break. Long-term canola—upside potential—the market may need to move to higher prices to curb consumption.
Wheat: Wheat futures rally! The Kansas market soared higher Wednesday after the USDA cut the Hard Red Winter crop estimates. This helped Minnesota futures climb as well, even though that crop is estimated 4% bigger than last year's crop. Dryness in Russia's wheat belt and speculative funds are lending a hand of support. Could be a more upside but keep in mind that the world's production is still at a record high.
Barley: Remains strong and could see additional strength in the months to come. Keeping prices up are: Slow farmer selling as harvest wraps up, strong exports and domestic demand.
Peas: Yellow pea bids are up and we could see more strength. This will help support green pea prices, but the overall green pea outlook is not bullish.
Oats: Found some bids bounce a bit higher this week.
Around the farm: Nearly done. Just chewing though the last of my 560 acres of straight cut canola. Some of which the low spots froze earlier on and is green and tough going. But the weather seems to be holding in there. I demoed JD's X9 combine and put it through my toughest lowest spots and the added horsepower was sure nice to have. I really like the massaging chair but had a hard time cleaning up my canola sample. Mind you, there was an air deflector missing due to an earlier incident. Farmbucks found me a few wheat specials on Wednesday when markets jumped, so I off-loaded some CWRS.
You too can catch the specials, too. Just use Farmbucks. We want you to be able to identify your best pricing opportunities because you know markets go up and crash down in a hurry. With new back-end improvements being worked on, we will be able to notify you faster and better with deals in your area. Coming soon. I promise we are working as hard and fast as we can. There is this annoying (but fun) thing called harvest that keeps us extra busy, though!
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