HRW: + 5 cents each 1/2% above 11.5% to 13.0%; - 10 cents each 1/2% below 11.5%

DNS: + 3 cents each 1/4% above 14.0% to 15.5%; - 7 cents each 1/4% below 14.0%

SWW: + 0 cents each 1/10% below 10.5%; - 0 cents each 1/10% from 10.5% to 12.0%. Max = -$0.00

** CLUB WHEAT MAX 10.5% PROTEIN ONLY **

Premiums and Discounts are Subject to Change...Please Call to Confirm

07/07/2025

Local Commentary care of NWGG

Outside Markets:  

• USD is higher

• Crude is higher

• Gold is lower

Market News:  

• Wheat is lower

• Corn is lower

• Soybeans are lower

Daily Trivia: What five musicians will be headlining the Pendelton Whiskeyfest concert this Saturday? 

Happy Monday, I hope everyone had a great American weekend! I spent mine with family watching fireworks and playing a fake saxophone on a "yacht rock" themed parade float. Also snuck in a round or two of golf. Doesn't get much better than that. And for those that are curious about the golf journey that I started back in April, here's your update: I still suck.

From a grand perspective, this week’s focus is squarely on tariffs and not much else. With the looming expiration of President Trump’s 90-day pause on reciprocal tariffs tomorrow night, uncertainty remains over how many trade agreements will be finalized and what will become of countries still without deals. Limited economic data being released this week also plays a factor, offering very little distraction or complimentary discourse aside from the tariff headlines. So, without any positive developments on that front, it will be hard for any globally traded US commodities to find much positive sentiment. Don't get me wrong that's not the only factor, but today and probably tomorrow it certainly holds the bulk of the weight. Latest headlines state that Trump has postponed the July 9 tariff-hike deadline to August 1 though. So, deals must be done by July 9, but if a deal is not made, the consequences won't be applied until the 1st. At least that's how I interpreted it. Treasury Secretary Bessent said Trump plans to send letters to certain trading partners warning that failure to make progress will result in a return to the April 2 tariff levels. He also said several major trade agreements are expected to be announced in the coming days and mentioned that talks with the EU are progressing well. The European Union is apparently no longer pushing for a broad, comprehensive agreement and is instead aiming for a narrower deal that would prevent U.S. tariffs from increasing. Currently, tariffs are at 10%, but they could rise to 20% if no deal is made. Germany is especially eager to avoid this hike. Overall, the Trump administration is working on agreements with 18 major trading partners that account for 95% of the U.S. trade deficit. 

Aside from the tariff related updates, or lack thereof, a recent development hurting the competitiveness of US wheat is that apparently the Russian government is dropping its wheat export tax to zero starting July 10 to help increase sales as the winter wheat harvest progresses quickly. This tax break is expected to last at least three months and possibly up to five, as Russia works to clear out its surplus wheat. Ouch.

Another story out of a Reuters report states that the Indonesian Flour Mills Association has signed an agreement with U.S. counterparts to purchase a minimum of 1 million metric tons of U.S. wheat annually from 2026 through 2030. The association’s chairman also stated that members plan to buy about 800,000 metric tons of U.S. wheat for the remainder of 2025. The group, which includes major company Indofood, said the move is intended to help ease tariff negotiations with the U.S. Overall, any trade deal is positive, but those amounts don't reshape the landscape by any means especially considering they usually did that amount of business with the US. 

Corn and soybeans futures are also looking brutal. Fourth of July weekend is typically very important for corn and soybean markets due to weather implications, but unfortunately, when traders returned from the holiday, they saw that the 15-day forecast that covers much of the corn pollination window, remains favorable for crop growth. Forecasts beyond that period also look promising adding insult to injury. As a result, traders began assuming strong yields and resumed speculative selling, which was intensified by algorithmic trading systems adding more sell orders pressuring the charts even lower. The USDA will release updated crop condition ratings this afternoon after the markets close, which could influence market moves tomorrow. Normally, ratings decline during this part of the season, but recent trends show stability or improvement, pushing yield projections higher and prices lower across the board. 

Internationally,  AgRural reported that the safrinha corn harvest in Brazil’s center-south region was 28% complete as of last Thursday which is up 10% from the previous week, but well behind the 63% pace seen at the same time last year. Harvest progress is slow across all states in the region, though drier weather last week should help accelerate activity. The group also mentioned that farmers in frost-hit areas of Paraná and Mato Grosso do Sul are now saying the damage was less severe than first expected. That certainly doesn't help the US situation. 

Here's a look at how hot it's about to be: 

Trivia Answer: Cody Johnson, Riley Green, Nelly, Ian Munsick and Jacquie Roar

- Riley Kretschmer

Effective July 1st, 2025 

We know every dollar counts, especially in agriculture, and that's why I'm delighted to announce that the Board of Directors has approved a 10% reduction in wheat handling rates. This will bring the rate down from 15 cents to 13.5 cents per bushel, effective July 1st, 2025.

 This decision was made with you, our valued members, at the forefront. We firmly believe that by reducing these rates, we can help put more money back into your pockets and support the vital work you do every day on your farms.  This is about strengthening our co-op together, and ensuring we continue to provide the best possible value for your hard-earned dollar.

 To help us continue making smart decisions that enrich our members, we'd greatly appreciate it if you could please take a few moments to fill out our Acres for Storage Survey at this link. Your input is so helpful as we plan for the future.

 Thank you for your continued loyalty and for being such an integral part of our co-op community. Your success is our success, and we're committed to doing everything we can to support you.

Sincerely,

Garrett Egland

General Manager