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7/3- Office closes noon today!! Wht futs mixed and corn down 5c. No reason sell wht for a while, let's see if corn crop dies again in next 30days and we sell 50c run up? US crops are pretty good, Canada Spring wht great, world pretty good. Down under still in question. Wht and corn still up 50-70c/bu since June 6 flood rally and wht off 60c from last wk highs. Think more down side correction is in order with normal precip forecasts, but next corn forecast is hot and dry. I'm starting to worry about soft white wheat $8.15/bu Portland price, Far East has all their Aug needs bot, Sw at least $1/bu prem to SRW and $2/bu prem to Russian and Black Sea wht, that said, SWW will probably go up a buck! Everyone should consider selling more wheat at objectives below and also some 2009 corn and beyond with this ride up. Will take time to determine corn loss, so mkts shld remain volatile short term. Start selling Pasco sw price at $8.50 to $9, DNS 10.50-$11, & HRW $9.50-10 range. Otherwise, looks like 1-2 bil bu more wht production in the world this year. Index Funds are long wht, corn, and beans, but restrictions may be put on them to reduce their size of positions. The world wheat stox are almost to zero and expect buyers to buy quite a bit for this Fall. Paki, Iraq, & Egypt needs will be supplied by Europe and FSU States. Aussie quiet and still dry but crop will be better than last 2 years. Possibly saw our pre-harvest NC wht highs 14 wks ago when NC Pasco prices reached SWW at $10/bu, HRW $12 plus, and DNS $13 plus. Futures limits are 60c on wht and 30c YC. Ethanol demand for 5 bil bu YC this year will be a driver keeping all grain prices higher for years to come. Enjoy the 4th Holiday!
Harvest hours 7am to 11 pm for elevator starting Jly7
Hvst Office Hours: 7am - 6.00pm
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Phone: 800-862-8529 Fax: 509-545-0909
