Walla Walla County Association of Wheat Growers Annual Meeting Tuesday November, 1st 9:30 a.m. - 1:00 p.m. Marcus Whitman Hotel and Conference Center Renaissance Room Reservation Required by 10/28, call or text Jim Kent 509-629-2111 or email: firstname.lastname@example.org
Walla Walla Seed Plant Hours: Monday- Friday 6am to 7pm Saturday 7am to 4pm Sunday 7am to 2 pm
Buying Hours: SWW 8:30am -11am and 2:30pm to 4:30pm (no markets Friday afternoon)
HRW & DNS 8:30am to 11am (no afternoon markets)
10/25/16 - A pretty quiet day in the futures markets today with some consolidation after yesterday's big drop. White wheat basis improved a little bit as producer selling shut off completely on the decline in price. Looks like we'll continue to be range bound between $4.65 and $4.85 unless there's some new development. Japan is out this week but there has been some tire kicking by buyers at these lower levels.
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. 10/24/16 Speculators remian net short a large amount of Chicago wheat futures however they covered a large portion of their position brining it down to a much more managable net short of 114k contracts, vs 164k earlier. 2. 10/12/16 Growers are still holding around 70% of the soft white crop in the Pacific Northwest. This will limit rally potential going forward. With the extended river closure this year it seems that these strong basis levels that have supported the market will have potential to errode significantly with increased producer selling pressure. 2. 10/12/16 White wheat ending stocks are now projected at 95 million bushels after an 8 million bushel cut on today's supply and demand report from the USDA. 3. 10/12/16 Japan and Korea have both returned to the white wheat market after being out for a month after the latest GMO event in Washington state. However they're now buying wheat for delivery periods during the extended river closure which limits the ability to provide local markets during that time. 5. 10/12/16 The USDA increased their Australian wheat production estimate to 28.3 million tons on today's supply and demand report, a very big year for them. Areas of Australia have been too wet recently which may curb that number a bit going forward.