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Morrow County Grain Growers |
Pendleton Grain Growers |
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Duane Disque Or John Ripple |
Jon Sperl |
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1-800-452-7396 or 541-989-8221 |
1-800-422-7611 or 541-276-7611 |
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or Dan Steiner 481-6614 (work), 571-3798 (cell) graingrowers@centurytel.net |
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GOOD MORNING!! |
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Below are the best indications available as of: |
9:00 |
3/5/08 |
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SWW |
SRW |
DNS |
HRW |
Barley |
Corn | |||||||||||
|
Month |
Portland |
Chicago |
Portland |
Basis |
Portland |
Basis |
Portland |
Cash Px |
Basis | |||||||
|
March |
11 |
17.01 |
12.40 |
1.50 |
222 |
217 |
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April |
12 |
17.41 |
3.00 |
13.58 |
1.78 |
224 |
218 |
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May |
12 |
11.31 CKW |
17.41 |
3.00 |
13.58 |
1.78 |
226 |
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June |
14.50 |
2.00 |
12.80 |
1.50 |
220 |
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July |
9.50 |
10.57 CNW |
13.10 |
.65 N |
11.90 |
.60 |
206 |
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August |
9.50 |
12.30 |
1.00 U |
11.90 |
.50 |
206 |
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OND |
. 04/ mo |
218 |
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N/C 2009 |
8 |
-1.50 CNW |
10.00 |
Option px |
10.00 |
Option px |
207 |
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LDP's |
-8.68 |
-13.42 |
-9.38 |
-2.99 |
-3.02 |
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***Club premium: .00/ bu. |
-.02/ 1/4 |
-.05/ 1/2 |
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***
NOTE: Corn bids vary depending on point of delivery. Please Call for Updates. Over night trade had corn up 6 to 16 and wheats trading anywhere from –50 to +29…quite a range. Futures trading mostly up this morning with the exception of Mpls. Corn is up .16, Chicago is up 20 to 40 (rumors of more wheat biz). Japanese tender for tonight will be watched carefully. Iraq will also tender again for 1.8 myn bu of optional origin (read cheapest) wheat. Jordan also booked 3.6 myn bu over night. National average price of wheat for Feb was $10.40 (up $2.47/ bu from January).Crude oil beat $104, interestingly most of it is just a run up in commodities, one account attributed about $30 to just positions by index funds/ speculators. The RFA (Renewable Fuels Assoc) says the US produced about 6.5 byn gallons of ethanol last year. This was an increase of 108 bbl/ day over 2007. The USDA S&D’s will probably be pretty close (remember they run on a crop year, not a calendar year, so the 3.2 byn bu for now looks good). 7 byn gallon was the estimate for 2008 (should not be a problem).
International stuff: Mexico is projecting a record white corn crop of 5 myn mt. Iran has announced that they have ‘wheat rust’ in crops. As we move forward watching crop development will be incredibly important and translate directly to the bids. Obviously the market cannot afford any production problems. Brazilian corn harvest is now estimated to be slightly larger, they are projecting about 38 myn mt, vs. last years 36 myn mt. FWIW the US produced about 338 myn mt.
The gov’t said there would be no CCP payments on corn/ sorghum/ beans due to "high prices". This isn’t a surprise, but I wonder what happens to those budgeted $$$? There is also late "rumblings" in the market place the Gov’t may open the BEHT entirely. At this stage of the game, they just as well get rid of it rather than have it hang over the market.
***Didja Know: All planets in the solar system rotate counter clockwise except … YUP Venus. The heaviest "fish" ever caught weighed 4928 pounds. The biggest oyster ever found weighed 620 carats.
***All bids are subject to change, please call for CONFIRMATION of prices. All information in this letter is from sources deemed reliable, and is for informational purposes only***
