| SWW | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
| Club Wheat | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
| HRW 11.5% | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
| DNS 14.0% | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
| Barley (Coast) | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
HRW: + 5 cents each 1/2% above 11.5% to 13.0%; - 10 cents each 1/2% below 11.5%
DNS: + 2 cents each 1/4% above 14.0% to 15.5%; - 4 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
- Mixed Close for Cotton Market
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- Hogs Finish +$10 for the Week
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- Cattle Finish the Week with Gains
- First Notice Day for June cattle begins the delivery period on Monday. June fat cattle futures added another $1.52 to the week’s move on Friday, settling with a net $9.07 gain for the week. That was the largest single week move for the lead month since April of 2020’s $9.67...
- Wheat Futures Rally on Friday
- July SRW wheat saw a wide 20 cent range on Friday from -8 to +12 cents. At the close the board was 8 to 9 cents higher with July at a net 3c gain for the week. Front month HRW futures ended the session 9 1/2 to 9 3/4 cents...
- Soymeal Missed Out on Friday Rally
- Most ag markets saw strength into the weekend, though meal futures were down $1.70 to $3.60 for the settle. July soymeal was down a net $4.40 for the week. Soybean prices ended the session with double digit gains of as much as 23 cents. July was a net 15 1/4...
- Double Digit Friday Gains in Corn
- After a highly contested week the corn market finished in the black. Aided by double digit gains on Friday, July was up a nickel for the week and Dec up by 6 3/4 cents from Friday to Friday. USDA cited the weekly cash ethanol price near $2.38/gal with regional variance....
06/02/23
Local Commentary Care of Northwest Grain Growers:
Futures are lower this morning and yesterday's trade is looking more like a dead cat bounce. Export sales weren't terrible for white wheat this last week at 3.5 million bushels of which 1.5 mb was the Korean sale that was known from last week. There were old crop cancellations that were moved to new crop as the USDA marketing year for wheat ended in May. When you tally up all the sales for the year it comes out to 167.8 mb, the USDA put exports of white wheat for the year at 200 mb on May's supply and demand report. Expect some significant revisions to white wheat carryover on June's supply and demand report is what I'm getting at.
There's moisture for the corn belt in the 10-14 day forecast but it's dry until then. The market will be watching to see if those rains remain in the forecast following the weekend or not.
- Byron
CHS Hedging Morning Highlights
Wheat
- Wheat export sales were 256.1tmt vs estimates of 100tmt to 550tmt. Old crop sales of negative 210.4tmt was a marketing year low.
- Ukraine said Russia has effectively halted the Black Sea export agreement by blocking registration of their ships. Russia is reportedly asking for allowances for their ammonia exports.
- BAGE estimated Argentina’s wheat crop is 6.3% seeded with recent rains helping. They’re estimating the coming crop at 18mmt, up from 12.4mmt last season.
- The average planting pace for Spring Wheat on Monday is 92%, last week it was 85% complete.
Outlook: All 3 classes of wheat traded lower overnight but are now back to nearly unchanged levels.
Barchart Ag Market Commentary
Firm Wheat Market into Friday
AM wheat quotes are back to near UNCH after a 10c overnight range from +/-5 (July SRW). Wheat futures were up 0.9% to 2.8% across the domestic classes to start the month of June. For CBT SRW that left the market 16 1/2 to 17 1/2 cents higher. Front month KC wheat futures closed up by 12 to 15 1/4 cents, with July back above the $8 mark. Spring wheat futures ended the session 71/4 to 9 cents higher.
Traders expect to see old crop wheat bookings between 100k MT of net cancelations and 100k MT of net new sales in the FAS report tomorrow. New crop wheat export sales are estimated between 200k MT and 450k MT for the week that ended 5/25.
The European Commission marked the season’s wheat export at 28.4 MMT through 5/28, up 11% from last year’s pace.
