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

07/08/2025

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: Who hit the first-ever home run at Safeco Field (Now T-Mobile Park) for the Seattle Mariners? 

Well... Let me know if you've heard this one before: President Trump has notified 14 countries that they will face increased tariffs starting August 1st after failing to reach trade agreements during the 90-day grace period. As of right now, global markets have reacted rather calmly, almost like they're getting numb to the situation. But in reality, its likely that they're just expecting further negotiations to occur soon. However, pushing back the deadline gives countries more time to negotiate, which could reduce the number of immediate agreements as they prioritize securing the most favorable terms over quick resolutions. How many times do I have to write those exact sentences? Have you ever seen the movie Ground Hogs Day with Bill Murray? Or Edge of Tomorrow with Tom Cruise? Or Palm Springs with Andy Sandberg? Anyway, the 14 countries that received tariff warning letters seem to have been chosen strategically, as many are either neighbors of China or key trading partners. This may be deliberate or simply a reflection of the U.S.’s broad trade activity in that region. Still, it aligns with the implied main goal of the tariff strategy which is to secure trade deals that help limit China’s influence. It appears President Trump is pressuring these nations to choose between aligning with China or with the U.S. Trump seems to be advancing this policy while riding his wave of momentum after the strike on Iran’s nuclear facilities. Although Russia and China had previously expressed support for Iran, they remained notably silent after the U.S. action. Meanwhile, NATO increased its financial backing for the U.S., and G-7 leaders showed their support as well. Obviously, the tariff situation has a chokehold on global news outlets and headlines, but the looming undertone story is within China and Russia, and ultimately how they'll react to the shade that's being thrown... Shade being thrown...? I think I used that one right. I spent the weekend with my teenage sisters and they try to keep me up to date on Gen Z lingo. No cap. As of right now the only retaliatory measures from China seem to be focused on the recent Vietnam deal. President Xi Jinping of China has previously warned of retaliatory measures against countries that enter agreements with the U.S. that disadvantage China. Despite this, Vietnam still signed such a deal. While China hasn’t responded to that deal publicly, there are rumored signs of quiet diplomatic activity. At last week’s BRICS summit, apparently Vietnamese Prime Minister Pham Minh Chinh and Chinese Premier Li discussed deepening trade and investment ties. It’s believed China is engaging Vietnam privately and is likely to issue a mild retaliatory response. Most are assuming China will use the opportunity to send a warning to other countries while preserving its crucial relationship with Vietnam. Reuters reported this morning that Japan and South Korea are expected to enter negotiations soon with the U.S. to ease the impact of these steep tariffs. I will keep you posted on any updates there as both play a large role in the wheat market. As of yesterday afternoon, these are the countries on the list:

• Malaysia: 40%

• Kazakhstan: 40%

• Myanmar: 40%

• Laos: 40%

• Cambodia: 36%

• Bangladesh: 35%

• Serbia: 35%

• Indonesia: 32%

• South Africa: 30%

• Bosnia: 30%

• Thailand: 30%

• Japan: 25%

• South Korea: 25%

• Tunisia: 25%

So that's tariff talk, can't wait to tell you the same thing tomorrow, and the next day, and the next day. Now let's talk about yesterday afternoons Crop Progress and Condition report and how it confirmed that U.S. corn is in excellent condition. In fact, its ratings are the fourth highest ever for this week and well above last year. It appears the market might need to start accepting the huge yield projections that imply a carryout above 2 billion bushels and a rising stocks-to-use ratio. That combined with stable weather and pollination progressing, corn prices appear likely to fall below the $4 mark and sit there for a bit. That was the big story of the afternoon and wheat took a backseat, but it still offered some noteworthy anecdotes: Spring wheat conditions fell 3 points to 50% G/E, well below last year’s 75% and the 56% average. The focus has been on Montana where's conditions stabilized at just 2% Good/Excellent. Brutal. Washington dropped 12 points to 47% G/E, and North Dakota slipped slightly to 68% G/E, still above the 56% average. Overall, 61% of the spring wheat crop is headed, just above the 58% average. Winter wheat conditions remained steady at 48% good to excellent. Montana, again, was the standout, dropping to just 29% G/E compared to the 69% average. Washington fell 9% to 54%, below the average of 68% and Oregon fell 1% to 45%, above the average of 35%. Harvest progress for winter wheat reached 53%, matching the typical pace, with Kansas at 82%, Oklahoma 83%, Illinois 87%, and Ohio 48%. Oregon was at 6% harvested and Washington at 3%, both above the average pace and last year. No surprise there. Soybeans rated 66% good-to-excellent, unchanged from last week. That’s 4% above the five-year average but 2% below last year’s rating for this time.

Thats all I got this Tuesday. Good to see some trucks on the highway yesterday. Something about the start of harvest always gives me a warm feeling. Or maybe that's just the 100-degree heatwave? Stay hydrated. God bless. 

Trivia Answer: Russ Davis in 1999

- 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