Northwest Grain Growers is a farmer-owned cooperative in Washington and Oregon with over two thousand members.

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Cash Bids

Last Updated: February 28, 3:20 PM

Bid Notes

Friday 8:30 a.m.Bids subject to change at anytime.

Red wheat markets are morning session only.

Buying Hours

Monday - Thursday

8:30AM - 11:00AM AND 2:30PM - 4:30PM

Friday

8:30AM - 11:00AM

SWW basis vs. SRW May 20

.77

SWW Jul/Aug basis vs. SRW Sept 20

.63

Club Premium

$1.50

HRW Protein Scales 11.5%

+.05/-.10 each 1/2%

DNS Protein Scales 14.0%

+.00/-.04 each 1/4%

Country elevator fuel surcharge

$.022/BU

2019 Winter Wheat RP Base Price

$6.59/bu Portland

2019 Winter Wheat RP Harvest Price

$5.75/bu Portland

2019 Spring Wheat RP Base Price

$6.21/bu Minneapolis Sept 2019 Futures

2019 Spring Wheat RP Harvest Price

$5.05/bu Minneapolis Sept 2019 Futures

2020 Winter Wheat RP Base Price estimate

$5.73/bu Portland

2020 Spring Wheat RP Base Price estimate

$5.51/bu Minneapolis Sept 2020 Futures

Futures

Daily Commentary

Note: In the last month a scam operation placed a fake job posting on the internet with NWGG as the employer and are requesting personal information, and even money, from respondents to them.  This is not a real position – it is fake and the people behind it do not represent NWGG in any way.  Please cut all communication with them if you have started, and do not send them any information or money.  

2/28/2020

Okay, don’t look at your 401k, and if you were thinking about retiring in the very near term, maybe consider sticking around for a few more paychecks.  Wheat futures are getting their collective butts kicked again, with SRW and HRW down 12-14, DNS – 8 and French futures peeling off big time.  Soybeans are down 5-10 and corn is down just a few cents.  But hey, the US$ is attempting to drop again, but it’s having a tough time fending off gains as more money seems to be piling into it looking for a ‘safe haven’.  As of the writing of this the DJIA is down 1000+ points again which is about a 15% drop in total from the high we just hit.  Once again, if you have been waiting to invest in stocks for a while, but it’s been too expensive, you may have an opportunity coming soon (or now?).  

One additional fallout to this whole market disaster is the other currencies of the world are falling some, too.  I.e. the Canadian dollar, which is tracked closely because of our competition with them for grain exports, is way down.  It’s a reminder that when you’re the next door neighbor of the world’s largest economy, and your neighbor may be in for some trouble, and you borrow a lot of sugar from them, you’ll probably be in trouble, too.  In an odd, but possibly unrelated event, the Toronto Stock Exchange (TSX) yesterday shut down early due to a “technical issue” but had been in a free-fall before it happened.  Ouch.

From a technical standpoint, US wheat futures are a mess.  CBOT SRW May is bumping on some support that was established back in November and $5.10, and below that is blue sky to any major support at about $.20 lower.  MGE DNS May just fell through its second-to-last support level, with the next one about $.08 lower at $5.11, which is the contract low.  KC HRW May has significant support at $4.35, which is around $.05 away,, and from there it has strong support every nickel-or-so down to $4.10.  Soybeans look like a roller coaster ride and corn looks like the “bunny hill” at the ski slope, just gradually falling away.  

In an odd turn of events, live cattle futures somehow recovered from limit-down trading yesterday to close in okay’ish territory (but still down) and this morning traded down heavily again, but have recovered and are in positive territory?  Some pundits say it’s because it was “technically oversold” and others think (daily reminder here*) that it’s due to the upcoming March 2nd Chinese tariff removals.  The only thing that is for sure is cattle traders are either heavily medicated or have nerves of steel (or both).

If cattle futures make you nervous, you shouldn’t be in the ocean freight business, which have massively cratered due to the COVID-19 outbreak and the growing backlog/disuse of containers and goods at Chinese ports (and now ports around the rest of the world).  There was news out yesterday that Chinese ports are back to work and have almost cleared their backlog, but that news comes as other ports are shuttering or grinding to a standstill.  There’s been at least one container company declare bankruptcy already, and others are bleeding money heavily.  IF you did have a buyer for grain, they’d at least have a nice discounted freight rate to take advantage of…

That’s pretty much the extend of ag news related events.  There’s a lot of speculation abound about just what might happen.  Will buyer’s think of this as an opportunity to purchase high quality US goods at a relative discount, or are they in so much trouble themselves that it’s not at the forefront of their minds?  Does China, which is allegedly mildly recovering, make good on it’s promises made in the trade deal and start buying, or do they keep up the same game and continue to kick-the-can further?  Your guess is as good as everyone else’s.

International weather – much the same.  Dry’ish in Argentina and Ukraine, but neither of which is troubling thus far (Ukraine has a good chance of rain coming).  Australia is shaping up nicely and Russia is still warm and relatively dry.

Domestic weather – yep, pretty much the same.  Real wet in the SE, and soon to be in the NE.  HRW belt in decent shape, with the W portion hoping for more rain soon. N Plains is cold, possible snow coming, and soil profiles and rivers still full.  PNW weather is mostly dry and warm-to-average with the chance of precipitation eroding away for the coming weeks.

Local weather – yeah, maybe some rain over the weekend, but it’s not clear just how much or when.  Today is supposed to be the warmest and clearest day, so go enjoy it if you can.

It’s Friday, so our markets will close @ 11:00 a.m.  Have a nice weekend.

 

 

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About Us

Northwest Grain Growers is a leading farmer owned cooperative with more than 2000-member owners in Washington and Oregon. Walla Walla Grain Growers originally formed in 1929.

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Locations

Northwest Grain Growers has a total of 31 grain elevators, 4 barge loading facilities and 4 retail seed plants.