Kansas Wheat Ratings Slide... Mustard Bids Ballistic... Live Cattle Slump... Veg Oil Surge… The U.S. soy complex and canola had another strong day . . . Soybean futures are now the highest since mid-July while soymeal tested fresh contract highs this week. “Palm oil rose 2.5% overnight hitting contract highs. Flooding in Indonesia has triggered some panicked buying” commented a Chicago trader. Canola continues to climb . . . March canola approached $1,030/MT early day. But wheat futures continue to struggle . . . Despite a sharp decline in Kansas winter wheat ratings now rated as low as 38% good-to-excellent, wheat dropped. Both Kansas City and Minneapolis spring wheat futures slumped 20 and 25 cents/bu respectively. March KC broke below $7.83/bu, while March MWE crashed below $9.45/bu into the closing bell. “Wheat took a hard hit today, particularly Minneapolis. The cash market top in spring wheat appears in” commented a North Dakota buyer. The cattle board was again weak-kneed . . . February live cattle slipped below $137/cwt on news U.S. packers bought cattle slightly lower this week. “Packers continue to win-the-battle. Box beef prices are higher this week” stated a Colorado analyst. Feeder cattle responded little despite the pullback in corn prices. And crude oil has started 2022 on a strong note . . . February crude pushed above $78.50 per barrel. Energy analysts now suggest $80 per barrel is seen as heavy resistance for WTI crude. “The trading range for oil prices is seen lower overall without a solid recovery in global economies” a comment from New York.

Energies and Metals: Crude Oil Feb 77.82 +.87 Gold Feb 1,819.60 +5.00 Copper Mar 4.39 -.07 Late Day Financials: Toronto TSX 21,218 -14 Dow Jones 36,554 -244 S&P 500 4,734 -49 NASDAQ 100 15,925 -345 Bitcoin Mar 45,000 -1765 U.S. Dollar 96.13 -.12 Cash Market Snapshot: Spot Cdn 78.40 dn.25   Mar Cdn 78.42 dn.27   Jun Cdn 78.37 dn.27 Grain Market Overview Canola . . . Price trend remains firm. Palm oil prices hit another contract high this week. Recent flooding in Indonesia supportive to palm. Soyoil in modest recovery. Canola basis levels strong for both old and new crop. New crop basis levels heard around $0. At a $0 fall delivered basis, this places new crop 1Can canola DDC contract prices approaching $18/bu for fall delivery. New Crop Canola Put Option Update: November $700 puts trading @ $25/MT . . . Nov $750 puts @ $45/MT . . . Nov $780 puts @ $65/MT. Advantage of canola put option ownership = no new crop production or delivery obligation. No risk of payout penalties. Spring Wheat . . . Cash price highs for CWRS wheat may be in for the 2021-22 crop year. Minneapolis spring wheat futures now in a clear breakdown (SEE CHART). 1CWRS 13.5% bids at-risk of a $1/bu pullback (in our view). Milling Oats . . . 2021-22 2CW oat bid highs may be in as well, despite tight spring supplies. Bid downside limited, but 50 cents to $1/bu pullback for cash milling oats possible. Mustard . . . If you are fortunate to have unpriced mustard in the bin, sell the cash. Note: We recommended selling the cash at far lower cash values. Cash mustard bids now ballistic. OLD CROP MUSTARD BIDS NOW BALLISTIC. Yellow and brown mustard bids heard $1.30/lb . . . near double the record. Oriental bids approach $1/lb. Feed Barley . . . Cash barley trading has nearly ceased due to lack of supply and demand. A limited amount of feed barley did trade in the Lethbridge region @ $440/MT ($9.55/bu) delivered for January movement. Westlock-area farm pickup bids heard as high as $400/MT ($8.70/bu). Saskatchewan / Manitoba farm bids continue to weaken ranging $370 to $390/MT ($8 - $8.50/bu) depending on farm location. Flax . . . Growers, if you haven’t already done, consider pricing the remainder of your old crop flax. CONSIDER PRICING REMAINDER OF YOUR FLAX FOR THIS CROP YEAR. The 2021-22 price peak appears in. Top end 1Can bids surged as high as $45 to $48/bu FOB bin mid-fall. 1Can bid ranges are now hovering @ $40/bu FOB bin, but a further pullback into late winter appears possible. New crop bids are now hovering around $25/bu FOB bin for fall movement.

Cash Market Snapshot: Mustard toppy, Cows up, Canola firm, Durum firm, Lentils stdy, Edible Peas stdy, Canary Seed stdy, Fed Cattle stdy, Feeder Cattle stdy, 2CW Oats easy, Fd Barley easy, Flax easy, Milling Wheat easy, CPSR Wht easy.