Market Report: April 3, 2024

By April 3, 2024Market Report
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Market Report: April 3, 2024

Insights by Camilla Cobb, Trader

As we enter the first week of the second quarter, there’s been a slight rally in barley prices in the Edmonton area. Currently, prices for April are ranging between $235/MT to $245/MT, with similar figures projected for May and June. On the other hand, wheat prices have remained relatively stable, with April to June prices holding steady between $255/MT to $275/MT.

In Lethbridge, feed barley prices are showing strength, with prices for April movement ranging from $270/MT to $280/MT. Similarly, feed wheat prices for April to June movement are in the range of $265/MT to $285/MT.

These market trends indicate some variability in barley prices with a modest increase, while wheat prices continue to maintain stability. As we progress further into the second quarter, it’s essential to stay informed and adapt strategies accordingly to capitalize on market opportunities.

In March, weather across the Prairies presented a mixed picture, with precipitation levels varying widely. Some regions received above-average rainfall, while others encountered notable deficits.

Parts of Saskatchewan and Alberta received exceptionally high amounts of precipitation, ranging from 150% to over 200% of normal levels, as indicated on the map below. Notably, Calgary saw nearly triple its typical snowfall for the month.

The Peace region and north-central Alberta endured one of the driest winters on record, compounding worries about spring planting conditions. Farmers in these areas, facing both low precipitation and minimal snow cover, are understandably concerned.

Overall, the outlook for spring weather in the Prairies appears favorable, with expectations of improved conditions. However, it’s important to note that some areas may still grapple with dryness, highlighting the need for continued monitoring and adaptation strategies.

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