Peas our guys are out to lunch.

[SASKFARMER3]

US feed pea price dropped in pit.
Delivery Date Basis Month Basis Cash Price Futures Price
FD PEAS NONE 0.00 7.20 0.00
Yea were at $6.52 for edible today.

[just_wondering]

is that another case of selling by the hundred weight?

[Hopperbin]

5.92 this morning at my local elevator.

[Canada-goose]

SF3

make note of your comments of cancelled sales. Lots of distressed cargos of Cdn yellow peas looking for a home.

Market is going to have to chew through that product before YP price has a chance to increase.

[SASKFARMER3]

I know that's why our guys are doing the steeling game. We pay for the Indian and Chinese sale cancellations. Just informing guys their is another market if they giving them away.

[skhadenuf]

With these cancelled sales I hope they have to pay a fee to cancel, we all get nailed if we want out of a contract. Wonder what would happen if we called their bluff and brought those ships back home. There is no pulse crop over there, let em starve or pay a higher price for what ever their other options are then maybe they'll learn.
Or better yet dump er for fish food and when that amount is out of the supply chain we'll see where the price goes.

[furrowtickler]

Stop sellin boys, it's that easy.

[parsley]

Put a penalty clause in your favor in your contract.

Hand write it in. Be prepared to walk out.

They can take it or leave it.

If they leave it, Walk out the door.

[Canada-goose]

Be nice to say turn the ships around & starve them, but when your looking at anywhere from US$50-100K a day demurrage (maybe more now) - you need to unload that ship and mitigate losses.

It sucks that buyers can get away with defaulting on their contracts, but someone from somewhere will always sell to them that's why they can back out.

When prices are extremly high this happens all the time - this year for peas it's a big problem as lots of business was booked early. Now we have big crops in Canada and in Russia/Ukraine - cheaper offers are out there and whammo line of credits are not opened and unfortunaley some Cdn companies take the hit. Heard some red lentils had overseas buyers default also on some earlier high priced purchase contracts.

Why do you think some farmers still sell to a pulse company that went broke and cost farmers $$ when they did not get paid (fully) for product hauled - yet these guys are back in business again buying & selling special crops.

The almight dollars make people do goofy things, on both sides of the ocean.

Hopefully what goes around (for the overseas buyers) comes around and they do get blacklisted - but realistically they will continue to get the product they need from somewhere.

[kamichel]

Parsley the big grain companies have always paid and taken our product. In my area they have been asking for delivery this fall of all the high priced canola and peas as they needed to fill trains. One neighbour was delivering 13% canola as dry because they needed it, granted they could mix it off. I delivered some 20% peas, got rid of the high moisture stuff.
Just wondering is this now why some of these big grain companies' shares are trading at yearly lows?