Producers taking part in a Grain Marketing Workshop in Moose Jaw yesterday got an update on what’s happening in the Markets.
David Drozd, President of Ag Chieve Grain Marketing told those in attendance that the markets are under some pressure with increased selling and strength in the Canadian dollar weighing on cash wheat and canola.
He notes you’ll want to watch what’s happening with canola.
"In a bear market like this, you tend to see weakness in that February-March period in anticipation of a record South America soybean crop becoming available. If canola does slip below that $4.54 level, you can't rule out seeing a February-March break in for that 4.40 level before we see our spring rally," he said.
He says when it comes to pulses we are seeing steady prices,and strong demand which is drawing down our supplies. New crop contract prices are coming off their highs which likely means that merchants are getting the intended acres their looking for. He says right now and going forward he expects the wheat market seems to be sideways flat.
Source : Discoverestevan