MarketsFarm — There are sufficient supplies of feed barley, wheat and corn across the Prairies, according to Evan Peterson, trader with JGL Commodities. In turn, that’s putting pressure on prices.
Peterson said a shortage of trucks and truck drivers last summer and fall led buyers to acquire as much feed as possible to get through the fall and winter.
“Now the trucking has gotten a little better and hitting the feedlots, with guys filling up,” he said.
That’s put April-May-June barley around $425 per tonne delivered to Lethbridge, Peterson quoted, adding “anything spot is around $400. They got nowhere to put it.”
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Demand for corn, either from Manitoba or imported from the U.S., has waned, he said, placing it at around $435/tonne delivered.
“With the barley starting to flow, corn is kind of irrelevant now,” Peterson stated, noting wheat was also $435/tonne and that the highs for the trio of feeds were now in the past.
While there has been little or no change to feed barley and wheat prices in Western Canada for the past week, they are down when compared to a month ago, according to Prairie Ag Hotwire.
Feed barley, unchanged on the week as of Wednesday, has lost 22-52 cents per bushel over the last month. In Manitoba, barley was $7.23-$7.25/bu. delivered, $7.68-$7.75 in Saskatchewan, and $7.65-$9.36 in Alberta.
Movement in feed wheat has been narrowly mixed this week, with Saskatchewan holding firm, a small loss in Manitoba and a tiny uptick in Alberta. But over the last month, prices fell six to 25 cents/bu. That put Manitoba at $10.70/bu. and Saskatchewan fetched $8.50-$11, while Alberta garnered $9.52 to $12.
Peterson also noted it’s likely the number of cattle in the feedlots will drop come spring. That, he said, will put more pressure on feed prices as winter comes to an end.
— Glen Hallick reports for MarketsFarm from Winnipeg.
