Market Report: June 5, 2024

By June 5, 2024Market Report
Red Tractor plowing field
Agfinity Inc. Black and orange logo

Market Report: June 5, 2024

Scattered light showers continue across Alberta, with most areas receiving at least a few millimeters of rain. However, the west side of the North West and Central Regions saw up to 30-40 mm. While these showers caused some short seeding delays, provincial seeding still progressed to 77% complete, though this is below the 5-year average of 84%.

The most advanced regions are the Peace Region at 86% complete and the South Region at 84% complete. The North East and North West Regions have the most left to seed, with 71% and 72% complete, respectively. The emergence of major crops has doubled over the last week to 40%. Despite concerns that the cool, wet weather is delaying crop progress, emergence is slightly ahead of the 5- and 10-year averages.

Additionally, the growth stages of provincial cereals are on track with historical averages.

ICE canola futures fell for the third consecutive session on Wednesday, closing just above major support levels. The decline was driven by chart-based selling pressure and weak end-user demand. Additionally, favourable Prairie crop conditions for the new crop and ample old crop stocks still held by farmers contributed to the downward trend.

Closing Prices on Canola: June 5, 2024

ICE Canola:         July            617.10       |     -10.90
ICE Canola:    November      642.00.    |     -9.20

In the Edmonton region, feed barley is currently trading within a range from $240.30/MT or $5.23/BU (net) to $220.95/MT or $4.81/BU (net). This price variation reflects the ongoing market dynamics and supply-demand balance in the area. The higher end of the range is indicative of stronger demand for premium quality, while the lower end represents more standard transactions. These rates are essential for producers and buyers to stay informed about the local market conditions.

We are actively seeking barley and oats across the province. Despite recent acquisitions, the demand for these grains remains high, and we are committed to sourcing more to meet our clients’ needs. Our search spans all regions, and we are particularly interested in high-quality barley and oats to ensure we can offer the best products. If you have available stocks, please reach out to us as soon as possible.

Because Farming is Forever.
Camilla Cobb

Broker Note Contracts

At Agfinity, we value our longstanding relationships with producers and remain committed to providing the best options for your grain sales. Traditionally, we have offered two types of contracts: Broker Notes and Grain Purchase Contracts (GPC). Given the current circumstances, we are focusing on Broker Notes to ensure timely payments and continued success for everyone involved.

Broker Note:

  1. We source the optimal buyer for your grain by gathering multiple bids. Once collected, we present them to you for approval on price, delivery timeline, and quantity.
  2. The buyer pays you directly for your grain.
  3. You will receive an invoice for the brokerage that is above the agreed to net price on the broker note.
  4. The brokerage fee can be paid by the buyer, the seller, or split between the two depending on the broker note terms.
  5. If it’s a delivered freight by Agfinity, the seller pays for freight.
  6. Payment terms typically range from 10 to 21 business days, depending on the buyers’ terms.

We understand that this is a challenging time, and we are committed to overcoming it together. By trading with Agfinity through Broker Notes, you not only benefit from optimized grain sales but also contribute to a cooperative effort that ensures mutual success.

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