Morrow County Grain Growers                             Pendleton Grain Growers

             Duane Disque or John Ripple                                      Jon Sperl

             1-800-452-7396 or 541-989-8221                           1-800-422-7611 or 541-276-7611

              or Dan Steiner 481-6614 (office), 571-3798 (cell)  graingrowers@centurytel.net

                                                            GOOD MORNING!!!

            Below are the best indicated market bids as of:   9:00  on      12/3/07

***NOTE: Corn values vary depending on delivery location PLEASE call for updates.

            Shipments showed continued strong numbers with 17 myn bu of wheat shipped and 55.6 myn bu of corn. So far no big cancellations. IF and WHEN they do, they will likely co-incide with the Paki/ Indian harvest in March. End users are wondering right now, when will the weight of a 13 byn bu corn crop bear on the market? Are harvest lows already in? Could be. Basis levels continue to get stronger on the interior, and futures seem to have found new strength. Wheat futures are bit puzzling, as demand seems to continue to be very strong, but futures are posting big negative numbers this morning (down 10-13 in March/ May). The last run up was provided courtesy of the specs as they bought over 70 myn bu of futures in the last few weeks. FWIW they are still short 65 myn bu. The index funds have just been rock steady carrying about 950 myn bu in a long position. La Nina is being felt. We received about 1.2” over the weekend (most last night), while the southern (especially the western) plains received only a trace. They will have another chance today/ tomorrow for precip, then the weather man says dry again for the next 7-10 day.

            Dems in congress are close to introducing a bill that would increase CAFÉ mileage standards to 35 mpg and close many loop holes for auto makers. Bill will also call for 36 byn gallons of “bio-fuels” to replace gasoline by 2022…lots of time for that to happen. With plants in operation/ underconstruction and expansion we have the ability to produce nearly 14 byn gallons in 2008…all primarily from corn. The US is very close to finalizing a deal on Beef Exports to Russia. Also the USDA says US farm exports will hit $91 byn next year.

            In elections over the weekend, Chavez lost. In post election reports, he seemed to take it ‘almost too well’. Putin prevailed by a huge margin in Russia. About 14% of the Argie wheat crop has been harvested. There are some reports that there will be some losses. The report with the biggest losses indicated 20% in some areas. Most likely losses will prove to be minimal. They are pretty much all booked up and will not be a big market factor until spring at least.

***Didja Know: That if the Farm Bill does not pass before recess, that it will revert back to the 1938 bill, with some amendments from 1948? (Comments from Barry Flinchbaugh at the Annual convention). Activists are already meeting to replace the Kyoto protocol when it expires in 2012? I guess these things take time…