Canola / Soy / Corn Flare-Up... Feeder Cattle Impaled... Feed Barley: The Wallet Will Sting… Grain futures were all-fired up once again today . . . July soybeans romped nearly 30 cents higher breaking above $15.30/bu mid-day. July corn locked ‘limit up’ 25 cents/bu . . . July canola tested a high of $868.70/MT, up more than $25/MT. November canola raced to a high of $712.50/MT, up more than $22/MT into the closing bell. Minneapolis spring wheat hit a high of $7.70/bu, up 15 cents/bu late day. “This rally caught grain traders somewhat off-guard today. Funds were aggressive buyers” commented a CME trader. The strength in corn futures is astonishing considering some early day comments. “A large portion of (U.S.) corn sales remain unshipped” commented a Nebraska analyst. “High U.S. corn is now getting priced out-of-export contention”. Brazil’s corn production has been cut, but still a record crop. Feeder cattle slammed lower pressured by the ongoing corn strength . . . August feeders heaved $3.50/cwt mid-morning testing a low of $146.30/cwt. Equities markets pulled back despite ongoing better-than-expected earnings being reported. But some analysts are warning about a potential pullback in May. “Everyone is a PRO in a bull market. The hard part; can you recognize a weakening stock market, get out and stay out for an extended period” commented a London investor. And our Cdn dollar flared higher early day with the June contract testing a high of 81.53 cents U.S. “The loonie continues to receive global buying attention due to the BOC plans to cut stimulus” a comment from Toronto.

Energies and Metals: Crude Oil Jul 63.47 -1.41 Gold Jun 1,769.20 +.90 Copper Jul 4.45 -.03 Late Day Financials: Toronto TSX 19,133 -12 Dow Jones 33,883 -177 S&P 500 4,176 -27 NASDAQ 100 13,871 -82 Bitcoin Jun 57,375 +4,110 U.S. Dollar 91.27 +.65 Cash Market Snapshot: Spot Cdn 81.40 dn.02   Jun Cdn 81.44 up.01   Sep Cdn 81.45 up.01 Attractive New Crop Flax Bids: Sales appear wrapping up for old crop flax business this crop year. Looking at new crop, DDC contract prices appear quite attractive. New crop DDC contracts now heard around $16 to $16.50/bu FOB bin for October to March movement. Growers note: If Black Sea flax can overcome China border crossing issues, Canada will lose export market share as Russia/Kaza flax prices remain at-a-discount. Strategy: Consider beginning your new crop flax pricing program. Canada continues to be the key supplier of flax to China accounting for about 60% of China’s late winter imports. The remaining 40% appears split between Russia and Kazakhstan. Milling Oat Demand Slows: 2CW oat buyer demand appears sailing into-the-sunset for this crop year. U.S. oat buyers now appear covered through to the fall market. Stats Can estimated a 6% decline in oat plantings this spring to about 3.6 million acres. This acreage decline was not a surprise to traders.  New crop DDC contracts may be wide-ranging. Some buyers will have sales on, some won’t. Strategy: Shop your oat buyers. 2CW bid new crop DDC ranges may be wider-than-expected. Fall oat premiums are possible. Southern Alberta Feedlot Barley Update: If you want feed barley delivered in May . . . the wallet will sting. Medicine Hat/Bow Island delivered barley is now heard as high as $330/MT ($7.18/bu) delivered May. Brooks and Picture Butte not far behind @ $325/MT ($7.07/bu) for May delivery. Even Provost-area delivered bids are as high as $325/MT ($7.07/bu) for May/June movement. Strathmore / Acme feedlots also reported paying $325/MT ($7.07/bu) for May delivery. Overall tonnage is limited, but try to go find the old crop barley. Larger-than-expected barley acres pegged by Stats Can @ 8.6 million acres, up 14% will be needed should China demand for Cdn barley for beer-making hold. Looking at new crop, Lethbridge-area feeders are contracting around $285 to $290/MT ($6.20 - $6.30/bu) delivered for Oct/Nov/Dec movement.     Palm Oil Prices Weakening: Palm oil has suddenly turned into the weak link of the global veg oil market. Malaysian palm oil prices slumped 5% last night while trading lower 4 out of the last 5 trading sessions. The reason; India’s out-of-control COVID epidemic is now eroding demand. INDIA’S COVID EMERGENCY NOW ERODING DEMAND FOR PALM OIL. Growers note: This may impact demand for Cdn pulses as well. Errol