3/24/17 - Ice Harbor Dam is now open leaving Little Goose as the only one that is not operating on the river system, it is scheduled to resume operation on April 2nd. Chicago wheat futures are up a couple of cents today in what looks like a small bounce due to oversold conditions heading into the weekend. Speculators have rebuilt a large portion of their previous short position in futures and the committment of traders report this afternoon will show how many more contracts they added as of Tuesday this week. Next Friday is the big report day with the release of the quarterly stocks report and the prospective plantings report.
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. 3/15/17 White wheat ending stocks are now projected at 101 million bushels up 4 million from last month. 2. 3/15/17 The prospective plantings report for corn, soybeans, and spring wheat will be out on March 31st along with the quarterly stocks report. 3. 3/15/17 Australia's wheat production this year was an all time record 35 million metric tons. 4. 3/15/17 Export business has been decent for white wheat over the past month but there's plenty of grower grain remaining to sell which is keeping a lid on prices. 5. 3/15/17 Northern hemisphere weather is now the biggest factor in where prices go from here with burdensome ending stocks in both the U.S. and the world it looks like we'll need a weather problem somehwere this spring in order to see significantly higher prices.