ontario red winter wheat pice and basis ( borrowed)

[mcfarms]

I borrowed the following comment from another site if you don't also go on there . Not saying anything just thought it was interesting info.

""was put on hold this morning, and put in line to sell with the Ontario Wheat Board. The price on my screen was $7.15/bu for hard red winter for July 2011. When they got to me, they dropped the basis and the price was $6.90/bu. Then for a good part of the day the posted price from the Ontario Wheat Board hard red winter for for July 2011 was $6.15/bu!!! Their closing posted price for hard red winter was $6.23/bu for July 2011.

Wheat gained from $0.28/bu to $0.45/bu across the futures contracts today. Yet we dropped $1.00/bu on the basis. Nothing but crooks. Cancelled plans to grow more wheat acres after todays garbage. To hell with it!!!

I have never had a problem selling wheat when it was $3.00/bu or less, they will take all they can get from you!

Thats the problem with this, wheat is now hitting the headlines, people think we are going to make a good buck. Yet if you grow it, you will likely get paid less than a week ago.

Its a serious problem..."

[parsley]

In the United Kingdom, malting barley was driven to USD315/tonne FOB.

Wheat is driving the market because tons of investor money is going onto the wheat futures market in Chicago and London and big problems in Russia because of drought.

Russia proclaimed an export ban on all cereals today.

Cereals will go up in price. Hang tough. Pars