Futures started out much higher, but enthusiasm waned. Chicago went from +.18 to only up 6. Corn started up a few and is now down a few. All the activity is in the futures pits, as SWW values have barely twitched, then only to the down side through all the volatility. As harvest picks up momentum and volume starts to build, this market looks like it will only go one way right now. Japan is in for their weekly tender (2.9 myn bu of US wheat…various varieties). Also the $$ is down which should help. There seem to be plenty of people in the world upset that the $$ is still the world’s standard for currency, but clearly today it is the best game in town, as the alternatives are not at all attractive.

Monsanto has bot out WestBred seed for $45 myn. US Wheat associates applauded the move…hmmm. How many major seed companies are left? Monsanto had ‘shelved’ the work they had done on GMO wheat, and now looks like they are ramping back up again. US Wheat also named Shawn Campbell as assistant director for the west coast.

UGA (Ukraine Grain Assoc) said that as of 7/13 Russia had harvested 10 mmt so far. The quality appears to be good at this time. A newswire from Kazakhstan said that Russia should be capable of exports of 50 mmt/ year with 10 years or so. REAL QUICK…do you know what the US exports are? Annually we average about ½ that amount. FWIW we export about ½ of our annual wheat production. I wonder if having GMO varieties will hurt/ help US exports?

***Didja Know: A ‘jiffy’ is an actual unit of time, represents 1/100^th of a second. The Hawaiian alphabet has 12 letters.

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