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)
9/30/16 - If you grew HRW in 2016, be aware that there is currently an LDP available from your local FSA office. Please contact your FSA office with questions. SWW and DNS are still a long ways off from having LDPs.
USDA supply and demand report out at 9:00 this morning, local market sometime after that.
The USDA raised winter wheat production 15 million bushels but cut spring wheat production by 37.4 million bushels. Wheat stocks came in 130 million bushels higher than average expectations which probably indicates not as much wheat was used for feed as had been hoped. Corn came in slightly under expectations and soybeans were pretty much in line with pre report estimates. Wheat futures were down a bunch on the release of the report but have recovered some of their losses as corn is moving higher and dragging wheat with it. Soft white wheat production is 252 million bushels.
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. 9/9/16 Soft white ending stocks are projected over 100 million bushels this year. At this point it looks like there won't be any way to increase exports enough to significantly reduce that number without wheat getting significantly cheaper and with the river closure this year increasing shipments will be a difficult task anyway. 2. 9/2/16 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. 3.9/9/16 Speculators in Chicago wheat futures have built another near record large short position of 147k net contracts. If something happens that causes them to try to cover their position it should provide a sharp rally in wheat futures. 4. 9/9/16 Private estimates for the Australian wheat crop are approaching record levels of wheat production for them. 5. 8/16/16 Russian production was hiked by 7 million metric tons on the latest USDA report which was above market expectations.