The company owes $5.067 million to the 181 creditors listed in bankruptcy filings released Nov. 26. Many of the creditors are farmers who sold grain through Agfinity but were never paid. Employees out their last paycheques are also listed in the filing. Listed assets totalled $162,593.

MNP Ltd. has been appointed as the Licensed Insolvency Trustee. Creditors can contact MNP to complete a proof of claim prior to a meeting of creditors scheduled to take place via teleconference on Dec. 16. The meeting is a formality in the bankruptcy process, with the purpose of affirming the trustee’s appointment, appointing inspectors to the bankrupt estate and providing direction to the trustee.

While Agfinity had once operated as a typical grain broker — matching buyers and sellers through broker notes but never handling any money directly aside from their fee — in recent years the company began using grain purchase contracts where they took the payment from the buyer and paid the seller later. In a July blog post, Agfinity’s president Joseph Billett said the newer contracts were necessary to support cash flow due to narrow margins. However, the company was unable to generate enough trade volumes to match costs.

In a draft letter to be sent to creditors provided by Billett, he acknowledged mistakes made over the past year and offered “sincerest apologies for the pain and stress this situation has caused.”

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[Feed wheat] has been so expensive for so long,” Haley commented, noting buyers wanting to acquire larger amounts are few and far in between.

“If they can’t get any volume, they’re not messing with it,” he added.

Haley said those who have been purchasing feed wheat have been some feed mills and a few pork producers, and not the cattle feeders.

He cited feed wheat prices of C$265 to C$270 per tonne delivered to Lethbridge on Aug. 13.

“Until there’s an offer of any magnitude of tonnage…you’re not going to see a lot of demand,” Haley said.

Feed barley prices also slipped back over the last week as well, he noted, pointing out that it needs to remain C$10 to $15/tonne cheaper than corn.

Haley said feed barley for delivery next month was C$255/tonne, down C$10 from the previous week. That for January-February-March delivery was going for C$275/tonne, easing back C$5 from last week.

“The barley market might weaken up a little bit more in September and stay that way to stay in in the ration,” Haley cautioned.

The main reason being that it’s relatively easy to import corn from the United States. Also, projections have called for a large U.S. corn crop this year, with good supplies available.

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New crop barley is starting to become available, although end users were not showing much interest in the newly harvested supplies, according to Travis Ebens of CorNine Commodities in Lacombe, Alta. He expected values would remain under pressure through the harvest period.

Recent heat and dryness contributed to the early development, with anecdotal reports pointing to ok yields but lighter bushel weights, according to Ebens.

In addition to the seasonal harvest pressure, ongoing weakness in the United States corn market was another bearish influence on North American feed markets. December corn settled below US$4.00 per bushel on Aug. 8, with values at their weakest levels since 2020.

Feed barley bids in southern Alberta are also at their lowest levels in four years, according to government data, with barley trading into Lethbridge at about C$265 to C$266 per tonne in the latest provincial report.

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Glen Loyns, trader and general manager for JGL Commodities in Moose Jaw, Sask., said while the recent heat and dryness has reduced yield expectations, prospects of a decent harvest are still putting pressure on prices.

“It appears that there’s probably going to be an average crop. So that’s putting pressure on some prices. Especially in the United States where you’re seeing pretty favourable growing conditions for both corn and beans,” Loyns said.

However, the warmer and drier-than-normal conditions are now starting to have a real effect on crops.

“The heat is affecting it and it’s running out of moisture. It’s going to be not as good as everyone was expecting a month ago,” Loyns added.

Despite lower corn and wheat prices in the U.S., there isn’t much in the way of grain shipments into Saskatchewan according to Loyns. He added that the feed grain market will wait and see before prices make their move.

“It’s going to be volatile until we get a very good picture of the quality and quantity (of feed grains),” Loyns said.

Delivered feed barley prices in Saskatchewan ranged from C$4.30 to C$4.75 per bushel as of July 31, with the latter steady from last week, according to Prairie Ag Hotwire. In Alberta, prices ranged from C$4.15 to C$5.88/bu., down 11 cents from the week before. In Manitoba, prices were C$4.50 to C$4.51/bu., down one cent from the previous week.

For delivered feed wheat, the price range in Saskatchewan was C$6.60 to C$7.75/bu., while in Alberta, prices were from C$6.49 to C$8.16/bu. The maximum prices from both provinces were unchanged from the previous week. In Manitoba, feed wheat was at C$6.79/bu., up two cents.

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“It’s very odd we are not seeing the reflection in the [feed] market,” stated Susanne Leclerc of Market Master Ltd. in Edmonton.

“Canola is having some positive days, and we are seeing that reflected into the canola market. But feed grains have yet to see that priced into the market,” she lamented.

One of the main reasons for stronger prices Leclerc pointed out is the Prairie weather, with a hike in daily temperatures. Highs were forecast to surpass 30 degrees Celsius across much of the region with scatter thunderstorms at best for precipitation.

She explained that grain buyers placed their focus on cheaper corn in the United States and the prospects there for a very good harvest, while suggesting there might soon be change in feed prices.

“It will be interesting to see come another week or two any of those markets ‘appreciate’ the weather,” Leclerc commented.

Leclerc said Market Master is paying five dollars per bushel for old crop feed barley picked up in the yard in the Edmonton area, with new crop prices 10 to 15 cents/bu. higher. In the Red Deer, area she said barley was C$5.20/bu. for old crop and C$5.30 for new crop.

As for feed wheat, she had only an old crop price of C$7.50/bu., noting that buyers are waiting to see how this year’s wheat turns out.

When it comes to corn imported from the United States, Leclerc said the amount had tapered off a fair bit, but more purchases were now being made. She expects volumes to pick up again, but they won’t be as much as when Prairie barley and wheat were scarce.

Moving grain by truck continued to be something an issue in Alberta, Leclerc noted, but business has been lax. Once the busy season starts towards the end of July, she said there will very likely be problems with availability of drivers and trucks.

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Susanne Leclerc, owner of Market Master Ltd. in Edmonton, said moisture levels in Alberta are not distributed evenly with the north seeing plenty of rain and the south becoming drier. A recent cold snap between Calgary and Edmonton plunged lows to around the freezing mark earlier this week, while snow fell over parts of the Foothills.

“You have some areas that have ideal growing conditions, but they don’t have the heat. (Crops) are growing slower than usual at this time of year,” Leclerc added. “There was some frost reported in Alberta and Saskatchewan this week, which is crazy for the middle of June. So it will be interesting to see how everyone survives this cold snap.”

Despite the weather scare, most crops are still expected to be good to excellent. As a result, some prices are declining.

“Barley has come down about 30 cents per bushel over the past two weeks, just based on the fact that everyone’s seeing a crop coming and grazing conditions are better,” Leclerc said. “Feed wheat has dropped off about the same and more in some cases, depending on what you can find.”

She added that while it’s unsure of the grain bought by feedlots, there are still plenty of deliveries coming in. With Eastern Canada in a heat wave with temperatures exceeding 30 degrees Celsius and Western Canada is an ongoing cooler weather pattern, Leclerc said it’s anyone’s guess how the market will react.

“I think it’s a wait-and-see game on this one,” she said.

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“The demand for wheat in southern Alberta is pretty much non-existent,” Haley said in a May 9 interview, citing hard red wheat recently went for C$335 per tonne delivered to feedlot alley.

“I do have a few other sellers looking for wheat that’s soft white spring or a white wheat. The problem with that is nobody is feeding it really,” he added, noting any prices would be the same as barley or come with a C$5/tonne premium.

“The barley market is very, very quiet. Very little trade, zero demand, and very few sellers at the same time,” Haley explained, quoting feed prices of C$290 to C$295/tonne for May-June-July delivery.

He said something in the feed market needs to happen, especially when it comes to demand, which he stressed such will eventually happen at some point.

“But we are feeding a lot of corn,” Haley stated, expecting such to carry on for at about another month and a half.

Also, the rain Alberta recently received, especially that in the south, has been “very bearish” on the feed market,” he said.

Yet another factor that has continued to weigh on values is the amount of old crop barley and wheat still available. Haley warned that “it’s going to get interesting” when the old and new crops are available.

Exports as well remained “the fly in the ointment,” he added, suggesting prices likely won’t become as cheap as overseas buyers might think they will.

Prairie Ag Hotwire reported that feed barley prices across Western Canada were steady to lower over the week ended May 8. Saskatchewan and Manitoba were unchanged at C$5.10 to C$5.75 per bushel delivered and C$4.93 to C$5 respectively. Alberta saw a 22-cent slip across the province at C$4.75 to C$6.42/bu.

Movement over the week in feed wheat prices was mixed, according to the Hotwire. They were unchanged in Saskatchewan at C$6.60 to C$9/bu. del., but down four cents in Manitoba at C$7.65. On the whole in Alberta, prices were up 47 cents at C$6.60 to C$9.47/bu.

— Glen Hallick reports for MarketsFarm from Winnipeg

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Jim Beusekom, president of Market Place Commodities located in the southern Alberta city, said some growers have already finished their plantings and estimated that 60 per cent of the fields have already been seeded. This is despite municipalities and irrigation districts in southern Alberta agreeing last month to reduce water use if drought conditions develop this spring or summer.

Beusekom mentioned that the Lethbridge Northern Irrigation District (LNID) and the South Saskatchewan River Irrigation District in Saskatchewan are currently rationing water.

“That led to farmers making some changes to where they’re going to allocate their water or perhaps if they’re going to plant a different field,” he said, adding that dry land received normal amounts of moisture in April at around the equivalent of 80 millimetres in Lethbridge and area.

While most feedlots are already covered for the spring and summer, barley prices have dipped lower than those for corn, according to Beusekom. While corn usage is still high, barley is looking more favourable for feedlots while selling at C$290 per tonne (C$6.31 per bushel), compared to C$305/tonne (C$7.75/bu.).

Meanwhile, prices for feed wheat have jumped over the past few weeks. Previously at C$280 to C$290/tonne (C$7.62 to C$7.89/bu.), Beusekom said they are now up to C$335/tonne (C$9.12/bu.).

“It’s a bit of a short squeeze with spring seeding. Maybe a bit of export demand and the Canadian dollar was pretty weak,” he explained. “It feels like (the rally) is over already, but I would say to farmers if you have any wheat of any class available for sale, take advantage of the full rally and sell it.”

Prices will depend on what types of weather the Prairies will see over the next three months, according to Beusekom.

“We can tune in to what the weather’s doing to some extent. That will give a sense of direction as to where prices are going to go,” he said. “We’ll certainly have to see how it goes and what happens.”

Delivered bids for feed barley in Alberta ranged from C$4.75 to C$6.64/bu., an 11-cent increase from last month, according to Prairie Ag Hotwire. In Saskatchewan, the range was between C$5.10 to C$5.75/bu., up 25 cents, while in Manitoba, bids were steady from the month before at C$4.97 to C$5/bu.

For feed wheat in Alberta, prices ranged from C$6.60 to C$9/bu., up 56 cents from one month earlier. Saskatchewan had the same range as Alberta’s while increasing 88 cents from last month. A high-delivered bid of C$7.69 in Manitoba was reported, up 58 cents.

—Adam Peleshaty reports for MarketsFarm from Stonewall, Man. 

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“What we are seeing right now in southern Alberta is that feedlots have the bulk of their demand covered for April and May,” Klassen said, noting they are covered for part of June as well.

“Open demand is very limited in the short term,” he added, pointing to spring road bans as another factor in keeping feed grain prices steady.

Klassen said that good export movement continued to underpin the feed market. Those overseas purchases picked up when feed prices were lower in March, which made Canada rather competitive with Australia, France and Germany.

As for the crop about to go into the ground, Klassen stated the market isn’t overly concerned at the moment.

“The market is really concerned after the crop is seeded. After we start to focus on what conditions are like,” he explained.

Once the farmers are finished with their planting, Klassen said there will likely be a surge in deliveries.

Prairie Ag Hotwire reported virtually no changes to feed barley and feed wheat prices for the week ended Apr. 18. There was a four-cent decline in old crop feed barley in Alberta which brought that province’s prices to C$4.63 to 6.49 per bushel delivered. Those in Saskatchewan held at C44.80 to C$5.25/bu. delivered, as Manitoba stood pat at C$4.85 to C$5.

Feed wheat prices were unchanged across the Prairies, with those Alberta at C$6.60 to C$8.44/bu. delivered, according to Hotwire. Saskatchewan was firm at C$6.60 to $8.13/bu. with Manitoba steady at C$7.29.

New crop pricing on the Prairies for feed barley ranged from C$4.52 to C$6.34/bu. delivered with feed wheat at C$5.44 to C$7.50.

— Glen Hallick reports for MarketsFarm from Winnipeg. 

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“We’re definitely going to need some timely rains. I think drought is always on everyone’s mind as we get into seeding because we haven’t had any rain or a lot of moisture quite yet,” said Erin Harakal, trade manager at Agfinity Inc. in Stony Plain, Alta. “I know there have been many years where things changed in the last minute. Hopefully we get the moisture we need.”

Harakal added that most feedlots are covered until April and are looking forward to deliveries over the next three months. A recent decline in corn prices also meant price declines for feed barley, with Harakal reporting a range from C$275 to C$285 per tonne (C$5.99 to C$6.21 per bushel) for May/June delivery.

“Corn is definitely a big topic of conversation since the price has dropped. (For) other commodities, it’s been pretty flat for the last couple of weeks,” she said.

There doesn’t seem to be any significant price changes in the horizon after seeding begins, according to Harakal.

“Unless barley exports pick up, that’s the one factor that might cause prices to go up. But right now, things might be flat, if not, trending down with the corn pressure,” she explained.

Bids for Alberta feed barley ranged from C$4.63 to $6.53/bu. on April 10, according to Prairie Ag Hotwire, which represented a 33 cent decline from one month earlier. Bids in Saskatchewan were from C$4.80 to C$5.25, down 25 cents. In Manitoba, the range was steady at C$4.77 to C$5.00. Prices for all three provinces were more than C$2/bu. less than those from last year.

For feed wheat, Alberta bids were from C$6.72 to C$8.44/bu., up 14 cents from last month. In Saskatchewan, prices held steady from the month before at C$6.85 to C$8.13. In Manitoba, a bid of C$7.28 was reported, up four cents from one month earlier. Prices one year ago were C$2.84 to C$3.27/bu. higher than today.

—Adam Peleshaty reports for MarketsFarm from Stonewall, Man. 

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