Prairie Farmers Advised to Hold Off on Selling Grain Amid Market Surge

Feed grain prices have seen an unusual surge in late August as Prairie farmers gear up for harvest. According to Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, wheat and barley prices have been rising despite being at harvest time. This is a rare occurrence, with Haley noting that 'it's fairly rare' to see market increases during this period.

The increase in feed grain prices can be attributed to several factors, including drought and heat in Europe and a smaller-than-expected U.S. corn crop. As a result, Chicago soft wheat futures skyrocketed, reaching its 45-cent per bushel limit. Kansas City hard red and Minneapolis spring wheat also saw significant jumps of 30 to 40 cents per bushel.

Barley prices have increased by C$5 to C$10 per tonne from last week, depending on the delivery time frame. Haley advises farmers not to sell their barley just yet, suggesting they 'put it in the bin' for now. He notes that farmers are not typically big sellers at this time of year.

Wheat prices have also seen an increase, with feed wheat available for C$295 per tonne for September delivery. However, Haley advises holding off on selling until November-December, when prices may be higher.