If you asked me what my favorite thing about spring was, I would say Calving Season. There is just something about those fresh faces and wobbly legs that signal winter is over in my life. Others might say the long-awaited NHL Playoff Season is their sign spring is here. If you are a student, spring might mean the beloved week off for Spring Break. Of course, you could also classify Income Tax Season, as an indication that spring is here too. Also, it will soon be warm enough to grill up some burgers on the BBQ without constantly dashing in and out of the house to stay warm! But that’s the thing about spring; it means and is embodied by something different to whoever you ask. Although springtime technically starts on March 20th in Alberta and lasts until June 21st. I am of the opinion it is more of a “state of mind” than a specific date range.
Regardless of what our esteemed weather forecasters, the groundhogs, say in early February; springtime comes when it’s good and ready. The start of March, for me, is when I really start craving some warm weather. Unfortunately for us Albertans, we have to endure a little bit of Mother Nature’s indecision during this month. There is usually the 1st “false spring”, and “second winter” to get through before we can count on the warm weather hanging in there for the long haul.
In the Agriculture industry springtime is just another season, except maybe a little warmer. Cows to feed, calves to castrate & tag and, equipment to ready in preparation for seeding. Soon the snow and ice will be melting, and we will all have to contend with the slush and mud for a while. But muddy boots, tires, and paws are a small price to pay for the promise of warm weather. However, you are spending your longer days, I think we can all agree our desire for green leaves, deck beers, and a warm breeze is getting stronger every week!
Because Farming is Forever
Market Report – Joseph Billett
Crude oil dropped like It was hot today nearby futures down 4.5 per cent and currently trading at just over US$68 per barrel. The drop was due to concerns and financial problems at Credit Suisse in Europe. That spilled over into the commodity markets, especially crude oil. The weekly EIA report indicated that crude oil stocks increased by 1.6 million barrels to 480.1 million barrels. The reason for the build in stocks was mostly continuing refinery maintenance as they prepare for summer production. Gasoline stocks dropped by 2.1 million barrels, while diesel stocks were down by 2.5 million barrels. The silver lining is that despite the drop in U.S. diesel stocks, Canadian diesel prices dropped by 2.7 cents per litre on the week and averaged C$1.15 per litre.
The spring wheat market closed up 2.5 cents per bushel to settle at $8.53/bu the wheat markets were buoyed by another strong day in the corn market. Corn finished the day up $0.6/bu. Corn was supported by a USDA report of an overnight corn sale of 667,000 tonnes. With yesterday’s corn sale, China has bought over 1.279 million tonnes of corn in the past two days. The strong corn market helped push winter wheat futures up by $0.6/bu during today’s trading. The rub is that the gains in spring wheat only added up to half of those of Chicago and Kansas City.
US wheat futures managed small gains today, continuing their process for a consecutive session following a recent steep sell-off to the lows of last week. Minnieappolis spring wheat and Chicago SRW futures rose 6 cents today, while HRW gained 4 cents.
Mentioned today that recent wheat market trade during Dec-Jan-and into late February, analysts are looking to advance cash milling wheat sales in small increments as markets trend higher in what they felt was a heavy leaning market. They did not anticipate the scale of sell-off of the past couple of weeks in wheat markets.
Seeing some modest rebound in price action, so today analysts chose to advance cash sales on old crop milling wheat by another 20%…getting to 60% sold. Analysts are also encouraging to initiate new crop wheat sales on sellers first increment of forward contracting representing 20% of expected wheat production in 2023.
Mar -$410-415/MT (slightly low) DLVD Apr-June- $410-415/MT DLVD Sept-Oct -$360-365/MT DLVD (flat)
Mar-May $400-410/MT DLVD (softening)
March-April $4.30/bu or $278.82/MT (Limited Tonnage) – May-June $4.30/bu or $278.82/MT – July-September $4.35/bu or $282.06/MT- Sept-Dec $4.50/bu or $291.79/MT (New Crop) same from last week
March-April $4.30/bu (Limited Tonnage) – May-June $4.30/bu (Limited Tonnage) – July-December $3.00/bu (Old or New Crop)
For a history of trades and grain pricing in your area please go to Agfinity.com or give us a call at 1-888-969-5552, also check out our Agfinity App available for IOS or google play the link for that is available on our website as well.
This is Joseph Billett with Agfinity thanks for your time and remember that Farming is Forever.