Market Report: May 8, 2024

By May 8, 2024Market Report
Tractor plowing field at sundown
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Market Report: May 8, 2024

Rain has been the talk across the prairies for the past few weeks and has been on everyone’s mind. Hopefully you are starting to see some much-needed rain in your area. Consistent rain fall is what everyone is hoping for throughout the growing season to help with the drought situations. Seeding is underway in most areas across western Canada and seems to be making great progress so far at this point.

We are slowly starting to see new crop numbers coming out for most commodities. New Crop feed barley has been seen around central Alberta at $5.00/bu delivered. Old crop barley can be found around $285-290/mt delivered Lethbridge there has been a slight increase in barley prices for summer and late spring delivery. Buyers are getting covered and pulling their bids back for May-June movement. This has been the story for the whole 2023 crop year with feedlots bringing in corn. Feedlots do not want to have to bring in Corn for the 2024 crop but like this year if they can’t purchase enough of it or if corn can be purchased at a cheaper rate they will switch to corn.

Peas have remained steady over the past few weeks. Yellow peas for May-June movement have ranged between $13.00-13.50/bu delivered in Alberta. With new crop yellows being around $11.00/bu delivered September-November. Canola is another one of those commodities that have remained steady over the past few days. Tuesday marketed the fifth straight session that there was gains in the Market. Prices Delivered around Western Canada for canola have been heard around $13.90-14.40/bu. If you are needing to move canola now may be the time to book it in as it seems space for the last few months is filling up fast.

Sellers Tip: Now is the time to be looking at what you have left to market as we are in May. If you are thinking of holding and waiting for prices, ask yourself do we have enough bin spaces to carry this years and last year’s crop?

Because Farming is Forever. 

Erin Haraka

Did you know...

Agfinity has been offering two types of contracts for years: a Broker Note or a Grain Purchase Contract (GPC). The choice between them depends on the preference of the producer.

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.

Grain Purchase Contract (GPC):

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. Agfinity pays you directly for your grain, eliminating the need for you to handle brokerage fees or invoices.

3. Payment is issued within a set timeframe after the last load, with options for more frequent payments for larger contracts.

4. Brokerage is already included in the seller’s net price.

5. You receive email notifications about any potential issues such as dockage, bushel weight, moisture issues or foreign materials, with your grain.

6. You will receive payment based on contract payment terms.

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