850 N 4TH AVE. * WALLA WALLA, WA 99362 Walla Walla Office (509) 525-6510 Dayton Office (509) 382-2571 St. John Office (509) 648-3316 FAX (509) 529-6050 Office Hours: 7:30am to 12:00pm and 1:00pm to 4:30pm
BIDS ARE SUBJECT TO CHANGE AT ANY TIME. REMINDER PRICES ARE NOW DELIVERED COAST RED WHEAT MARKETS ARE MORNING ONLY Buying Hours: Monday - Thursday 8:30am - 11:00am and 2:30pm - 4:30pm Friday 8:30am - 11:00am and no afternoon market
SWH bids are for Max 10.5% Protein Market Scales Time of Delivery
14% DNS Scales: +.02/-.04 ea. 1/4 from 14%, 16% max
11.5% HRW Scales: +.05/-.10 ea. 1/2% from 11.5%, 13% max
2018 Winter Wheat RP Base Price = $5.92/bu. Portland 2018 Spring Wheat RP Base Price = $6.30/bu. MGE Barge Fuel Surcharge: July 0% = -$.00/bu. (negative means you get a credit back) August -1.2% = -$.004/bu. (negative means you get a credit back)
Country Elevator (truck/rail) Fuel Surcharge: July 20% = $.024/bu. August 20% = $.024/bu.
8/17/18 - Today was similar to what happened a couple of weeks ago with the Ukranian fake news except not to the same degree. Overnight the Russian ag ministry discussed whether or not to limit exports of wheat once exports reached a certain level. That set the markets off but we didn't see a trade to limit up as we did on the Ukranian headline. The level that Russia was discussing is apparently 35 million metric tons which is what the USDA has down for them for exports anyway so this wouldn't be a limit that should affect the market, unless they change their minds of course. It's just another example of the unease the market is feeling with this being the first year in the last 4 where wheat supplies are actually getting smaller instead of larger.
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: 8/1/15 Production cuts to European wheat have been driving wheat futures higher recently. White wheat basis has fallen with the run up in futures as the crop in the PNW is exceeding yield expectations by a healthy margin so far. 2: 8/1/18 Russian wheat production has also been lowered due to drought in the southern regions and prevent plant acres for spring wheat production in the north. Additionally southern areas that were ready to harvest were hit with heavy rains recently which has caused sprout but it's hard to say exactly how much of the crop was affected at this point. 3: 8/1/18 Australian production expectations have also been lowered below 20 million metric tons due to drought. The western wheat areas have been getting some rain but the east remains very dry and the forecast is indicating that won't change for awhile. 4: 8/1/18 The corn and soybean crops are both in good condition domestically with yield expectations for corn still currently above the USDA's projection of 173 bushels per acre. 5: 8/1/18 The next USDA supply and demand report is on August 10th.