Canadian growers have benefitted from powerful innovations in recent years. From the introduction of new varieties to crop protection tools and better soil preservation practices, growers have a stronger chance of maximizing yield at harvest. But the job doesn’t end there. For growers to see the full benefits of a crop well-grown, they need to keep the momentum going and make it a crop well-marketed too.
With the disappearance of the Canadian Wheat Board, many growers have also seen the loss of valuable crop marketing information that was once more readily available. It has never been more important for Canadian growers to have the tools in place to maximize profitability on yields.
There are some excellent subscription services available to Canadian growers, providing personalized insights regardless of seed or equipment brand, or the size of your operation. If you’re not ready for the full suite yet, here are some key factors to track that will help you make more informed decisions when it comes time to market.
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1. Know your weather
Familiarize yourself with weather news and patterns at the local, regional and global levels. Understand that a drought affecting soybean crops in Brazil can impact the price of canola crops in Canada. Watching weather all season long provides a strong indicator of what direction prices will take.
2. Watch live local grain bids
Keep careful watch on local grain bids. Many farmers have found success with internet tools or apps that help them manage sales decisions. Some tools even provide email alerts to growers if an area grain bid reaches a farmer’s targeted price.
3. Track competitive crops
Monitoring futures values on complimentary competitive crops (such as canola, soybeans and soymeal) will give you a better context of what’s happening in the big picture. Market commentaries can provide insights to help growers take stock of dynamics, trends, probabilities and commercial outlooks.
Whether you’re a beginner looking for opportunities to add a few cents to your bushel price, or you’re an advanced user looking for up-to-the-minute updates on hedges, futures and market analysis, consider speaking with an expert. There are tools and support for every grower — find one that will help increase your profitability.