Thankfully the UP draw bridge across the Columbia River has been fixed and barges are once again running up and down the this critical navigation channel. Tidewater was able to spot a barge at Sheffler around noon on Monday which will drasitically improve our truck lines. Thank you for your patience. Chris
7/27/17 The spring wheat tour finished up today in North Dakota and they came out with a yield estimate of 38.1 bushels per acre vs 45.7 bpa last year and the ten year average of 46.8 bpa. That's the lowest estimate since 2008 but may not be the disasterous type of number the market was hoping for. The real question now becomes what the abandonment rate will be.
The Weekly Top Five
These are the 5 biggest issues that NWGG feel are affecting today's markets and items to watch for as we progress through the year.
1. 7/27/17 Corn production still seems to be the most important factor for wheat prices going forward this year as the white wheat crop is once again huge and may rival last year's production. With carryovers already high we will probably need to feed some wheat this year. 2. 7/27/17 Australian wheat production looks to be down significantly this year which may provide some support later in the year if they continue to see dry weather as they move into spring. There are some estimates putting production around 20 million metric tons versus the 35 mmt record that they produced last year. 3. 7/27/17 The spring wheat tour in North Dakota finishes up today and will publish their findings tonight. The key may be what they use for an abandonment percentage as the yeilds they've recorded over the last couple of days are not quite as bad as what the market was anticipating. However conditions in North Dakota are better than South Dakota and eastern Montana which is also why the yield estimate for the tour may be a disappointment to the market. 4. 7/27/17 White wheat exports have been very good and remained stable even through the price spike that lasted a couple of weeks which is encouraging however there's more than enough wheat to go around this year even at the pace of sales so far. 5. 7/27/17 The next USDA supply and demand report is August 10th and will probably be the first report where there's a chance of a meaningful adjustment to corn production expetations as the crop will have gone through pollination at that point.