Markets
Market fundamentals suggest today’s soybean prices are overvalued and are in line for a sharp downturn, says an analyst. “We are holding a very high price compared to where things could be,” said Rich Nelson, chief strategist with Allendale Inc. Nearby futures were at US$12.48 per bushel as of Nov. 26. That seems inflated, given […] Read more
Markets
Troubled Aussie wheat creates new wrinkle
Fifty to 100 millimetres of rain at an inopportune time threaten a crop that was expected to ease pressure on the market
The supposed saviour of the wheat market is in trouble. Heavy harvest rain is causing extensive quality damage to Australia’s crop in northern and central New South Wales and Queensland, said MarketsFarm analyst Bruce Burnett. “It is not a good situation there,” he told participants attending a recent webinar. The re-emergence of La Nina is […] Read more
Canola prices called ‘tempting’
MarketsFarm analyst Mike Jubinville thinks new crop canola prices in the range of $18 to $19 per bushel are pretty darn attractive. “How could you not be tempted to do something?” he asked delegates attending a recent webinar. “I mean, those are fantastic prices.” He acknowledged that some farmers in dry regions of the Prairies […] Read more
Europe hopes to significantly boost pulse production
Imports are expected to fall if the region can successful increase production to 6.3 million tonnes by 2030
Pulse production in the European Union is expected to grow at a steady clip over the next decade, reducing the need for imports, according to two industry officials. Cor Hage, trader with AGT Foods Europe, said EU pulse production is expected to expand to 6.3 million tonnes by 2030, up from about 4.5 million tonnes […] Read more
Preserving high forward prices without being reckless
It’s hard to explain why farmers need to be thinking about pricing their crops. There aren’t too many reasons to be bearish. But I thought this comment from a recent market outlook session summed up the reality pretty well. “(There’s) no clear sign of this topping out here, but I can’t help shake the feeling […] Read more
Canola sets price record, but several issues cloud future
Canola’s recent rise to a record high above $1,060 per tonne in the November contract was driven by its short supply but also by a weaker Canadian dollar and surprising strength in soy meal. The peak was reached Nov. 12 and values have since edged back, particularly since the severe rainfall in British Columbia washed […] Read more
COVID-19 not kind to Canada’s wool industry
Clothing retailers were forced to close during pandemic, only to open in fits and starts as public health restrictions allowed
Wool might be a secondary market for the Canadian sheep industry, but the COVID-19 pandemic still cut deep into the business as the textile supply chain ground to a halt, according to the country’s wool co-op. Eric Bjergso, general manager of Canadian Co-operative Wool Growers, said 2020 was the most difficult year he’s seen. “For […] Read more
Steam comes out of hot flax market
Flax prices have come off of their highs as the market undergoes a reset, says a processor of the crop. “It seems to be easing off now because we’re just at some values that are just so, so high,” said Kevin Dick, president of All Commodities Trading. Prices have dropped to $40 to $41 per […] Read more
WP livestock report
Hogs The U.S. national live price average for barrows and gilts was $44.07 Nov. 19, down from $47.35 Nov. 12. U.S. hogs averaged $54.95 on a carcass basis Nov. 19, down from $58 Nov. 12. The U.S. pork cutout was $89.82 per hundredweight Nov. 19, down from $94.71 Nov. 12. The estimated U.S. weekly slaughter […] Read more
Canfax report
This cattle market information is selected from the weekly report from Canfax, a division of the Canadian Cattlemen’s Association. More market information, analysis and statistics are available by becoming a Canfax subscriber by calling 403-275-5110 or at www.canfax.ca. Basis remains weak Last week had steady prices for the western Canadian market, but prices lost ground […] Read more
