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7/25 - Good day, wht futs up 10-20c and corn closed up 5-8c. SWW climbed a bunch to $8.15 Portland as might be some Paki biz in the works. Hope this unexpected rally not short lived. Thurs xport sales report not horrible at 22 mil bu wht last wk. Funds been selling off long positions while Congess holding hearings to limit spec trading limits. Corn now $1/bu below flood run-up? Should be oversold now with correction to come. We now closer to the bottom. PNW SWW too high price for everyone but Pac Rim customers, as SRW is still $2/bu cheaper in the Gulf than SW? Some harvest pressure with good midwest hrw crop almost complete. More negative news for wht is the world will grow 2 bil bu more than last year, will keep lid on wht prices this yr. Wht might rally if corn crop weather gets hot. US crops are pretty good, Canada Spring wht great, world pretty good. Down under still in question. PNW SW only competitive to Asian markets. The Black Sea has a bumper crop and selling cheap. Index Funds are long wht, corn, and beans, but restrictions may be put on them to reduce their size of positions. 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. 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.
Harvest hours 7am to 11 pm for elevator. Hvst Office Hours: 7am - 5 pm
2008 wht highs were made on Feb26 & 27 at $10/bu SWW, $12.50 +/bu HRW, & $13.70/bu DNS all deld Pasco prices. The market has dropped approx $3/bu with better world crops. Doubt these highs will be broken without major weather problems. This gives us all objectives to shoot for on selling more new crop. Think trend will recover from July's latest sell off once the market tries to kill the corn crop in Aug. NC corn prices highs hit $290/ST late June with flooding, and now have backed off $40/ST. Expect Aug rally on corn. Aussie production guess won't be known to Sep 1, but they look better than the past 2 yeas so far. We starting to publish 2009 wht prices. We have factored in an extra 25c/bu for us to cover the risk of interest on margin calls and ever increasing fuel prices. Weather, Funds, & Ethanol will be the drivers for a long time. Buckle in to see 50c price swings weekly if not daily?! Contact Dana Herron or Craig Teel at Tri-State Seed 866-627-4500 for all your seed needs. Please call us with your sell orders. DF
Fuel surcharges have added approx 6c/bu to our barge costs & 5-10c/bu to our truck costs since 2 yrs ago. Frustating as difficult to hedge these costs.
You can look at your unloads & grades through this web page. Call Joan & set up your password! Also you can look on our home page under the prices and click on your county to check on ldp's.
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Saturday will bring another round of mild weather to the Midwest, with very warm to hot conditions again from Montana south through central and Southern Plains, Delta and Deep South. » More DTN Weather Commentary