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 **

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July 02, 2025 Morning Markets Email:   https://s3.amazonaws.com/media.agricharts.com/sites/2446/Markets_

Wheat futures are trading a higher this morning, up 8 to 15 in the S-E-P 2025 futures. Yesterday's markets enjoyed a technical bounce with some fund buying to finish out the session and after a slow start appear to be seeing some follow-through this morning. The US harvest pressure and favorable weather outlook is still providing some pressure. Quality concerns remain in the winter wheat crop, especially as we see SRW momentum pick up in the eastern states.

We are getting closer to the July 9 deadline for the expiration of the temporary pause on the trade tariffs with more questions than answers on the status of trade agreements. Japan has been stubborn in negotiations and there have been unique demands and constraints complicating matters. There have been hints that further extensions could be possible but that would have to come from Trump himself.

The huge multi-trillion-dollar reconciliation bill has passed through the senate, with VP Vance casting the tie-breaking vote, and is headed to the House and could be voted on today or tomorrow.

The US dollar is hovering near 3-year lows feeling the pressure of the trade uncertainty and economics. While this is bad at first glance, it does tend to help jump-start exports out of the US, making our goods less expensive due to the difference in currency values. The importing countries get more for their (non US) bucks as a result.

Hedge-to-Arrive contracts: If you have an HTA contract deliverable this harvest you should be watching the basis levels closely. Current harvest delivery basis for SWW has decreased to about 60 cents, with the futures prices rising up faster than the cash bids shrinking the basis a bit. If we see a sudden drop in the futures markets, it could provide an opportunity to lock in a higher basis before the cash bids catch up. 

Cash Futures Prices: Chicago S-E-P is up 10 at 559. KC S-E-P is up 8 at 539 and MPLS S-E-P is up 15 at 643. US Dollar is trading 0.05 higher at 96.87.

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