850 N 4TH AVE. * WALLA WALLA, WA  99362
TELEPHONE (509) 525-6510
FAX (509) 529-6050

Office Hours: 7:30am to 12:00pm and 1:00pm to 4:30pm

 

Phone: 800-994-4290 Sunday, May 19, 2013
 
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Local Cash Bids
 
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Walla Walla SOFT WHITE WHEAT Cash Price
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BARLEY Cash Price
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14% DNS Cash Price
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11.5% HRW Cash Price
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Price as of 05/19/13 06:24PM CDT.
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Bid Notes

Prices Updated Friday 9am

BIDS ARE SUBJECT TO CHANGE AT ANY TIME

2013 Winter Wheat RP Base Price = $8.40/bu. Portland 
2013 Spring Wheat RP Basie Price = $7.37/bu. Portland


Soft White vs. SRW Basis = $.95

14% DNS Scales:  +.00/-.05 ea. 1/4 from 14%

11.5% HRW Scales:  +.02/-.04 ea. 1/2% from 11.5%

2012/13 Barge and Rail/Truck fuel surcharges have been capped at 30% to our members. 

Barge Fuel Surcharge: 
May 27% = $.06/bu. (actual 27%, capped by NWGG at 30%)

Country Elevator Fuel Surcharge:
May 29% = $.035/bu. (actual 29%, capped by NWGG at 30%)


Futures
@W - WHEAT - CBOT
Month Open High Low Last Change Close Time More
Jul 13 682'6 -4'4 683'2s 05:42P Chart for @W3N Options for @W3N
Sep 13 690'0 -5'0 691'0s 04:47P Chart for @W3U Options for @W3U
Dec 13 707'0 -5'4 707'4s 04:40P Chart for @W3Z Options for @W3Z
Mar 14 723'2 -5'6 724'2s 02:03P Chart for @W4H Options for @W4H
@KW - HARD RED WINTER WHEAT - KCBT
Month Open High Low Last Change Close Time More
Jul 13 736'6 -6'2 737'2s 06:01P Chart for @KW3N Options for @KW3N
Sep 13 744'0 -7'2 744'2s 06:10P Chart for @KW3U Options for @KW3U
Dec 13 763'2 -7'0 761'2s 02:01P Chart for @KW3Z Options for @KW3Z
Mar 14 774'2 -7'2 774'6s 02:01P Chart for @KW4H Options for @KW4H
@MW - HARD RED SPRING WHEAT - MGE
Month Open High Low Last Change Close Time More
Jul 13 803'4 -0'2 803'6s 05:59P Chart for @MW3N Options for @MW3N
Sep 13 795'0 -1'4 795'0s 04:40P Chart for @MW3U Options for @MW3U
Dec 13 801'2 -1'6 800'4s 02:04P Chart for @MW3Z Options for @MW3Z
Mar 14 812'4 -2'6 811'6s 02:02P Chart for @MW4H Options for @MW4H
@C - CORN - CBOT
Month Open High Low Last Change Close Time More
Jul 13 653'2 11'2 652'6s 06:10P Chart for @C3N Options for @C3N
Sep 13 555'4 2'2 556'0s 04:40P Chart for @C3U Options for @C3U
Dec 13 519'2 -4'4 519'4s 05:51P Chart for @C3Z Options for @C3Z
@S - SOYBEANS - CBOT
Month Open High Low Last Change Close Time More
Jul 13 1448'6 21'0 1448'4s 06:04P Chart for @S3N Options for @S3N
Aug 13 1378'2 24'4 1378'4s 04:40P Chart for @S3Q Options for @S3Q
Sep 13 1289'4 18'0 1289'4s 04:47P Chart for @S3U Options for @S3U
@ZG - GOLD 100 OZ - NYSEL
Month Open High Low Last Change Close Time More
May 13 1364.900 - 21.800 1364.900s 05/17 Chart for @ZG3K Options for @ZG3K
Jun 13 1355.800 - 21.800 1365.100s 06:02P Chart for @ZG3M Options for @ZG3M
Jul 13 1365.700 - 21.800 1365.700s 05/17 Chart for @ZG3N Options for @ZG3N
My Custom Markets
Symbol Open High Low Last Change Close Time More

DTN Ag Headline News
Storing Fertilizer
Floor Fights Ahead in House
Informa Trims Corn Acres
EPA Budget Examined
Organics May Get Checkoff
House Farm Bill Advances
Senate Target Prices Adjusted
Kub's Den
Farm Bill Goes to Senate Floor

Headline News
Obama Urged to Make Economy Big Topic 05/19 15:27
Obama to Address Drone Program 05/19 15:20
Syria Troops Push Into Rebel-Held Town 05/19 15:13
Karzai Seeks Indian Military Aid 05/19 15:29
Israeli Seeks Interim Palestinian Deal 05/19 15:22
New China Premier Visits India 05/19 15:15
Conn. Train Outage Expected for Days 05/19 15:31
Stocks Rise on Hopeful Economic Signs 05/17 15:42


Announcements
NWGG New Wheat 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)



Northwest Grain Growers has hired Byron Behne as our new grain marketing manager.  Byron grew up on a small family farm in Hartline, WA and graduated from WSU with an Agribusiness degree. He spent a year working on a potatoe seed farm before being hired as the branch manager for Odessa Union in Ephrata where he obtained his futures broker's license.  Byron has been the lead grain merchandiser for Odessa Union since 2006.  Bryon will be moving to Walla Walla with his wife and 2 year old daughter in late May.  Please help us welcome Byron and his family as they join NWGG and the Walla Walla community.

Daily Commentary
5/17/13 - Market participants seem to be getting increasingly optimistic that the corn crop is going to get planted.  If the current showers move through the corn belt and only slow down things for a day or two and the weather clears for next week I wouldn't be surprised if the corn market makes new lows next week.  World wheat weather forecasts remain cooler and wetter than the beginning of the week.  SRW futures market has retreated to about the same level when China bought wheat the last time.  Will they show up again with the sagging wheat price or are they content to wait until new crop to make more purchases?

 CBOT announced that they are moving back toward their old trading hours.  Right now the futures markets are open Sunday thru Friday opening at 3pm and closing at 12pm the next day.  To try and add more volume they are going back to the 2 opens and 2 closes per day type of structure.  The markets will now open at 5pm and close the next morning at 5:45am and then they will reopen at 6:30am and close at 11:15am.  This change is scheduled to take place on April 8th, 2013. 

The Weekly Top Five
These are the 5 biggest issues that NWGG feel are affecting today markets and items to watch for as we progress through the year.     
1.  Cool and wet weather in the Midwest is making it look like it is still winter in North Dakota, South Dakota and Minnesota.  They went from having very little moisture this winter to a couple feet of snow this spring.  Lots of acres of corn are needed to replenish supplies after last year's drought ravaged crop.  How many acres of corn will be switched to soybeans or spring wheat if the weather does not warm and dry up pretty soon? 
2.  A poor U.S. corn crop resulting in tight world carryovers is going to support prices until the world is able to replenish supplies either through a large South American crop or the 2013 U.S. corn crop.
3.  2012 drought conditions have plagued the 2013 U.S. wheat crop all winter and spring.  Some moisture is finally falling across the Midwest in March and April, however will it be too late to help winter wheat crop prospects?   The rest of the Northern Hemisphere wheat crop looks in pretty good shape as of today.
4.  The PNW export market still has a labor issue to resolve.  Four of the six export facilities in Portland ("Grain Group") have operated under the same longshoreman union agreement.  That contract expired September 30th, 2012.  Since then the Grain Group and ILWU have been operating under "good faith".  The longshoreman had a very contentious labor dispute last year with the new export facility EGT.  EGT was able to negotiate a better labor deal than the one that the "Grain Group" is operating under now.  Update: Temco broke away from the group and signed their own labor agreement with the ILWU.  United Grain locked out the ILWU after they hired a security expert who found an ILWU employee sabotaging equipment.  United Grain is currently using non-union employees and management to run the elevator and ILWU employees are striking at the entrance to their property.  The other 2 exporters are still operating under the last offered unsigned agreement.  This situation will not go away easily or quietly. 
5.  Outside economic influences may have the last word.  Europe's economic woes lead the headlines just about every day.  Chinese economic indicators have been showing signs of slowing down. The index funds are massively long Ag. futures, if they decide to change their position it will have a huge effect on price.  We are living in very volatile times when it seems like anything can happen, and given enough time probably will happen. 

 

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Walla Walla, WA
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Temp: 68oF Feels Like: 68oF
Humid: 35% Dew Pt: 39oF
Barom: 30.24 Wind Dir: N
Cond: N/A Wind Spd: 5 mph
Sunrise: 5:15 Sunset: 8:23
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