(You don't wanna miss.)
You're probably still hard at work squeezing every last bit of work you can before the white stuff drops. You’ve probably got one wish for your business: having the best year ever. We can help, so stop wishing! Just download our app and kick up your feet this weekend. As temperatures dip, action heats up on our app with non-stop pricing data.
With a partner at your side (and in your corner) you'll be able to stress less and sell more. And that definitely calls for a celebration. Whether it’s our streaming canola prices 24/7 or our thousands of bids across any crop and area of Western Canada, we literally have found you every price.
Weekly Market Recap:
Canola, Kansas and Minn. wheat futures post new highs for the year.
Deals of the week: $12.47+/bu CWRS, $22.00/bu canola, $9.80+/bu oats
Canola: Canola soared higher leading into Wednesday. Jan. canola futures hit a fresh new high of $949/MT beating its $941/MT high made this past July, before turning back down.
The rally and fall in canola was led by palm oil futures. Wednesday’s palm oil hit record highs as it gapped higher. Indonesia announced plans to stall its exports of raw commodities which includes palm oil. The energy markets and the importance of biofuels have these markets riding high. These markets are very sensitive, pulling each other in either direction like a seesaw.
Canola futures held up fairly well to end the week. $22/bu canola bids could be found in many locations midweek before futures fell lower Thursday and Friday.
*Soybean caution* The crop the U.S. is now pulling off is big and production numbers could be adjusted higher still. New crop acres are expected to jump up due to fertilizer’s high prices steering farmers away from growing a higher input crop such as corn. In addition, Brazil is having good rains for planting.
Wheat: Making new highs! Spring wheat futures are the strongest and are currently soaring higher, with Dec. futures gaining 27.75 cents today! It's reaching levels we haven't seen since summer 2012! The Kansas market also made new highs for the year today.
Prices for wheat are up in the EU and Black Sea regions. The world has a very tight supply of milling quality wheat. Other supportive factors are: Russia/Ukraine are still talking about limiting wheat exports. China is struggling to plant its winter wheat crop right now due to too much rain. Australia's new crop is selling quickly and moving out.
Currently, there are no signs of a reversal. Bids reach $12.47/bu for 1 CRWS 13.5 today.
*Feed wheat notes* If you have any feed wheat to sell make sure you have a discussion with the buyers as you can possibly fetch another $1.00+/bu over posted bids. Feed wheat bids are close to, if not, at $11.50/bu. Our domestic feed demand is lending a hand of support to prices.
Barley: Holding strong. Barley bids are supported by rising wheat and corn markets. Corn gains some strength this week as ethanol production is ramped up in the U.S. Still seeing barley bids range $8.00-$8.50/bu. As previously mentioned, bids may be pressured by corn moving into feedlots here in the coming months.
Peas: We have seen yellow pea bids adjust higher as line companies throw out specials to help them fill previous commitments. Much of our crop is destined for China and there may not be as much fresh demand in the coming months. If you do want to move peas make sure to shop around as there is a wide spread in bids (as with every other commodity). Aim for $17-$18/bu in the southern Prairies.
Be patient with greens. More demand is expected to come.
Oats: Cash bids hit new highs! Oat futures bounced around at high levels this week. Although no big moves were made in the futures, cash bids picked up strength as demand sprung up from certain companies. We've seen offers reach as high as $9.80/bu and heard of $10/bu (with stipulations tied to it for earlier tonnes delivered at lower prices). Either way, oat prices popped higher this week and deals are to be had. Be sure to check in on new crop bids as well ~ $6/bu off-combine with Act of God clauses.
Around the farm: Dirt work, dirt work, and more dirt work. Also, I’m booking canola! I found out this week that my Pioneer rep's canola seed was slashed to a third of what he had booked due to short supply. Pioneer came into this year with very little supply to begin, then the seed crops down south were hit pretty hard with the extreme heat we received this summer. So, I locked in some bags with him then went elsewhere for the rest. It seemed that there were only a couple other varieties that were sold out or in short supply but I managed to lock in what I wanted and needed. As with every other year this pre-booking thing and rumours of short supplies encourages farmers to panic and overbook acres so we will see if canola seed actually ends up in short supply come spring.
That's it for now! My hubby and I are headed to an Eric Church concert this weekend (don’t judge!). It feels like forever since we've been among a crowd and personally, I can’t wait.
Hope you all have a fun weekend, too!