WP livestock report – August 6, 2020

HOGS The U.S. national live price average for barrows and gilts was $29.87 on July 24. U.S. hogs averaged $40.97 on a carcass basis July 31, up from $37.87 July 24. The U.S. pork cutout was $65.31 per hundredweight July 31, down from $72.68 July 24. The estimated U.S. weekly slaughter to Aug. 1 was […] Read more

FarmLink Marketing Solutions estimated the Canadian wheat harvest including durum looks to reach nearly 39 million tonnes, surpassing the current record of 37.6 million, set in 2013. | file photo

Canada heading for record-large wheat crop, bigger canola harvest

WINNIPEG, Manitoba, Aug 5 (Reuters) – Canadian farmers are on track to harvest a record-large all-wheat crop, and more canola than last year, due mainly to favorable crop conditions, farmer advisory service FarmLink Marketing Solutions estimated on Wednesday. The Winnipeg, Manitoba-based company’s staff toured Western Canadian fields during the last two weeks of July. Canada […] Read more

The U.S. Department of Agriculture issued a recall notice on boneless beef head meat products from the JBS Food Canada plant in Brooks, Alta. | file photo

Canadian beef exported to U.S. recalled

The JBS Food Canada plant in Brooks, Alta., has recalled 38,406 pounds of boneless beef that did not go through the re-inspection process when it was exported to the United States. The U.S. Department of Agriculture issued the recall notice July 30 on the “boneless beef head meat products,” which were in raw, frozen form. […] Read more

Palm oil and crude petroleum prices provided support for broadacre oilseed markets as they bounced back from pandemic lows, they but those supports appear to have stalled, awaiting further improvement in the global economy.  |  File photo

Palm and crude’s oilseed support might have plateaued

There is potential for strong canola yields this year if the weather holds and the same can be said of United States soybean yields and yet oilseed futures edged a little higher last week. The most obvious reason for the modest price strength was the strong export sales of U.S. soybeans to China during the […] Read more

Demand for the new crop is expected to be strong as countries around the world continue stockpiling food during the global COVID-19 pandemic.  |  File photo

Grain stocks low as demand increases

Carryout expected to be 4.5 to seven million tonnes at the end of the crop year, down from last year’s 9.37 million tonnes

Western Canada’s grain sector is heading into the new crop year with lower-than-usual old crop supplies and strong new crop demand, according to industry officials. Mark Hemmes, president of Quorum Corp., is forecasting somewhere between 4.5 and seven million tonnes of grain, oilseed, pulse and special crops carryout in Western Canada when the current crop […] Read more

Producer groups say some packer pricing formulas integrate cut-out value into pig prices but not generally enough to accurately reflect supply and demand.  |  File photo

U.S.-based hog prices part of problem: report

Hog producers say the mechanism used to determine prices in Western Canada ignores regional supply and demand

Western Canadian hog pricing is so broken it not only doesn’t reflect supply and demand for pigs but is actually sending the opposite signals that that laws of supply and demand should dictate. It’s such a critical, multi-cause failure that if it is not corrected soon, malfunctioning prairie hog prices could cause the whole industry […] Read more

Producers deserve better from their federal government

Be conservative and plan on 2020-21 prices of US$3.20 per bushel corn and $8.50 soybeans. That was the advice of University of Illinois farm management specialist Gary Schnitkey when talking to Midwestern and Great Plains farmers in late July. If you can make it on those prices you should be OK if you get a […] Read more

Honey prices continue to defy domestic market signals

Industry says the flow of fake honey into this country has reduced prices paid to producers and distorted honey market

From 2016-19, honey prices in Western Canada ranged from $1.25 to $1.65 per pound. That’s significantly lower than 2014 and other periods in the early 2010s, when Canadian beekeepers received more than $2 per lb. for their honey. The weak prices have been a challenge for prairie beekeepers because the cost of production (buying queens, […] Read more

Financial statements help take a good look at farm profit

I would be in the group that believes that you shouldn’t try to manage by looking in the rear-view mirror. Farming is next year country. There is a lot about “next year” that we can, though, understand by examining past performance. We all have things that we would like to have had a second chance […] Read more