Low wheat prices in Texas, Oklahoma

[cchurch]

http://www.timesrecordnews.com/news/2010/jun/10/farmers-lose-big-bucks-on-wheat/

http://www.timesrecordnews.com/news/2010/jun/10/wheat-harvest-under-way-okla-prices-low/

Most be that damn wheat board undercutting them.

[furrowtickler]

Most likely is!

[charliep]

For what it is worth, a USDA crop production day.

Two factors in the price.

Promise of another humungous world wheat crop. Shrinking North America continent (Canada and US) in the face of lower cost supplies out of former Soviet Union countries. From todays estimates for 2010/11, Canada and US is forecast to export 42 MMT in the coming year versus FSU countries of 34 MMT.

[URL="http://usda.mannlib.cornell.edu/usda/current/wasde/wasde-06-10-2010.pdf"]june USDA estimates[/URL]

[Hopperbin]

Funny thing the guy in Texas gets docked for low protien soft wheat. The
CWB docks us here for having higher protien soft wheat. The guy in texas got 75 cents under futures price of 3.75 american dollars per bushel. The farmer in Sask. from the CWB now averages at 2.76 per bushel for 09/10 year after selling in a falling market. Meaning we should have higher prices in the averaging but we have lower prices in reality. This is new crop for texas, okahoma, they move the grain at any price to make room for something else.

[charliep]

Note the comments on Russian wheat quality in other threads but have to note Russia exports as much wheat as Canada. Both will export 17.5 MMT in the current crop year. This is estimated by USDA to be repeated in 2010/11 with the caveat that both total Canadian production are overestimated given wet conditions/unplanted area across western Canada.

[furrowtickler]

....and for the rest of the story - "the first of the U.S. w/wht harvest is underway, the very low protein levels coming in from everywhere.."
What happened to western canadian wheat last year - low protein, huge amounts of it. As well from the rest of the world - a flood of low protein wheat. The CWB blew out that wht very cheap so they did not help the problem at all. Now if the U.S. farmers are harvesting low protein wht there is not much demand - what hapens, very low returns for U.S. wht producers.

[cityguy]

Think it's a given that Canadian wheat bins (not durum) will be essentially cleaned out to the degree that it was a couple years ago. Whether or not the CWB lead the market down, followed the market down, or lurched around from scramble and dump is all up for debate. Amaturish or not, lucky or smart, was it right to basically end up with virtually no change in the Canadian wheat carry out when the rest of the world continues to build stocks?

[TOM4CWB]

Hopper,

Very different between soft white we grow and the soft red winter these markets look for. Egypt is a prime example of a soft red market.

Low px soft white under 10%px is a specialty baking wheat for cookies etc.