Agri-trade is coming.
(Come say hi!)
Agri-Trade is finally back! That’s right, Nov. 10-12 will be a rockin’ good time in Red Deer! It feels like it’s been forever so I am excited to see some shiny new paint and B.S. with each of you about all things farming! Stop by the Farmbucks booth No. 474 in the Prairie Pavilion. Show hours are 9 a.m. to 5 p.m. If you aren’t fully vaccinated and want to attend, we are informed that COVID-19 rapid testing will be available on site for a cost of $40. Be sure to review the Agri-Trade website for all the current protocols. I can't wait to tell you about some exciting up and coming improvements and partnerships. See you there!
Markets are wild and moving quickly these days. Farmbucks makes it easier to keep up. Get the full picture before you decide to pull the pin and make a sale. We want to make sure you are not missing out on another $1.00/bu! Watch feed bids if you have CPS for sale and we'll let you know what specials and targets are also hitting and where. Knowledge is power and our free app is full of knowledge, which means you hold more marketing power!
Weekly Market Recap:
Markets run up early in the week before turning lower. Some profit-taking and positioning has occurred ahead of the Nov. 9 WASDE report. Rumours have it that there will be higher yields than previously reported, although corn's usage may climb.
Deals of the week:
$13.00+/bu CWRS and $23.00+/bu canola and $10.00+/bu oats
Canola: There was a decent rally in old crop future months early in the week before giving back most of those gains by Friday. Meanwhile, new crop Nov. 2022 canola futures held their gains and are still rallying to higher levels. The rally earlier this week had Jan. futures jump up close to $1,000/MT sending cash bids above $23/bu. Our crop is still small and rationing is required so we shall see where it goes next.
Soybean futures are a drag. They keep underperforming and have been trending lower for some time. The soybean crop is good in the U.S. and unaffected by the western Canadian drought. Brazil has been moving lots of beans to China, cutting into the U.S. to China export numbers. Yields are expected to increase in next week's WASDE report. We shall see if they can bounce back a bit as the market gets undersold. Overall though, there is a prediction that we will build up world soybean stocks which has a negative underlying tone to the market. Pending any South American weather problems and drop in fertilizer prices, soybean 2022 acreage and estimated production appear bountiful.
Wheat: Lots of new highs hit in Tuesday's trading session before turning sharply lower and continuing its downward trend for the remainder of the week. There has not been any updated news to cause this downturn in the wheat markets. It is likely the losses were from speculators running out the doors. Next week's report is not expected to make wheat move in a big way, but it may decide to follow corn's lead.
Bids earlier in the week reached more than $13.00/bu for CWRS and we found $12.00/bu CPS.
Barley: Barley bids remain strong and we have seen bids creep up slightly more. Western Canada needs feed sources. Wheat is too expensive so that leaves largely corn and barley left to fill the need. Due to strong domestic demand and high Canadian barley exports to China, barley is in short supply and hard to buy. That means just one thing: high cash bids.
Corn reversed lower on Tuesday after its recent rally and remains under pressure losing even more ground to end the week. This market is waiting for next Tuesday’s WASDE report release. Insiders have it that the usage numbers may actually increase. Let's see how markets react to the report.
Peas: Again, virtually no news this week. We are seeing some Viterra locations offer up specials for yellow peas.
Oats: Still flying high! Cash bids are higher yet again and the prices are remarkable. Eventually, it will make sense for others to import oats from other countries such as Australia, which would help cool off this market and put a lid on prices.
Around the farm: It’s pretty quiet. We worked on the long-awaited—and I do mean long awaited—driveway sign (shown above). Back story: My parents had always talked about putting one up. When they passed away back in 2007 everything essentially froze and I wasn't allowed to continue farming under the original farm business name, Dargis Seed & Feed Ltd. It had to be split up between my four sisters and I, which was tricky since some were under 18 years old at the time. So, I made a new corporation with a similar name, only I added “2008” at the end to signal the year I began farming solo. The sign reminds me of what I’ve accomplished as well as it honours my parents’ legacy, as well. Next spring we plan to finish it up with some dirt work and rocks at the base and voila!
I hope you all have a great weekend :)