Morrow County Grain Growers                             Pendleton Grain Growers

             Duane Disque or John Ripple                              Jon Sperl or Bryce Olson

             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      4/16/09

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

            Sales report was extremely strong for Beans at 29.7 myn bu vs. a goal of only 6 myn bu. Corn also enjoyed a nice week with 34.6 myn bu vs. a projection of 17.2 to hit the USDA number of 1.7 byn bu. USDA will likely need to revise the corn export number higher, but also likely to reduce the ethanol usage?  Wheat had a very weak week with only 4.5 myn bu in sales: .3 myn DNS, 1.2 myn HRW, .7 SRW and 1.6 myn SWW. We will likely hit our export projections on all classes of wheat, its just that together they only tally 980 myn bu, leaving big carryouts in all classes. LDP?s will now be calculated differently. So repayment of loans will be based on loan rate plus interest OR the average of all terminal markets for that specific crop over either a 30 day moving average or a 5 day moving average which ever is less. So things just got a whole lot more complicated. So rather than try to track all of that for now, we will post 2011 bids as they are available.

            China?s gov?t is still projecting a healthy 6.5% growth for the year. They have been actively buying up grain stocks to stabilize domestic prices for growers and taxing imports to protect them as well. To date they have bot 42 myn mt of wheat (45% more than last year), and have offers to buy 40 myn mt of corn (25% of last years production). Currently they have a 65% import tax on wheat, and 20% import tax on corn. Overnight Egypt booked 4.2 myn bu of Russian wheat at $4.71 FOB and 2.2 myn bu of French wheat at $4.94 FOB. EU?s Strategie Grains says they will carryin a very hefty 6 myn mt (220 myn bu) of wheat into n/c. Ukraine has raised their harvest forecast by 6.7% to 48 myn mt for 2009-10.

            I will be out of the office for the next week. Please call the contact numbers above. I expect to be back next Friday (4/24). Thanks.

***Didja Know: Women tend to strike matches away from themselves, while men strike matches toward themselves? The Bay of Fundy has the greatest difference between high and low tides on earth?they can range up to 54??sound travels 4 times faster in water than in air.