Winnipeg, July 14 – Scattered showers and declining wheat prices have cast a bearish tint over the feed barley market in Western Canada.
Prices have softened over the past 10 days or so, said Allen Pirness of Market Place Commodities in Lethbridge, Alta.
“One hundred and ninety dollars (per tonne) seems to be the Lethbridge number right now,” he said. “It’s still trickling lower with the selling pressure.”
He says less than two weeks ago that figure was $200 per tonne.
Any speculation that drought would hit the Prairies has disappeared with the recent rains. While Alberta hasn’t been as wet as Saskatchewan, there are still enough showers to keep most crops healthy, he said.
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“It is showery out here, anywhere from an inch to three inches. That dry area keeps shrinking,” said Pirness, adding this year’s feed barley harvest is still on target for the end of July.
Some feed lot operators have told him they have fewer cattle than they were expecting, meaning their current stocks of feedgrain will last longer than expected.
“They maybe bought a little bit of extra grain than they were planning, so that kind of made the spot market a little bit weak,” he said.
Another factor is bin space. Farmers are clearing out old crop to make way for an expected large harvest.
“It seems like maybe the biggest thing I’ve seen is guys just getting rid of it (barley), making room for the new crop,” he said.
Wheat is also relatively cheap now, which presents competition against barley.
“It looks like there may be some feed wheat or winter wheat that may make it into the feed market this fall,” he noted.
