"Strengthening US$, Supply Push Wheat Futures Prices Down
September 9
Wheat prices traded lower this week on all three U.S. exchanges, pressured mostly from a strengthening dollar and growing concern about the European debt situation. HRS FOB basis for 13.5% and 14.0% protein out of the PNW were both higher this week due to ongoing logistical problems caused by flooding in the Northern Plains. HRS 13.5% basis for nearby delivery was up from $2.40/bu last week to $2.80/bu this week.The continuing drought in the U.S. Southern Plains is a supportive factor for the market but has been unable to offset the macro concerns. KCBT saw the largest decline this week, down 48 cents to close at $8.10/bu. CBOT lost 29 cents to end at $7.01/bu, while MGEX lost 38 cents on the week to close at $9.46. Trading volume was light on Friday ahead of USDA’s monthly Supply and Demand report released Monday. CBOT corn prices lost 24 cents this week to close at $7.26/bu and CBOT Soy prices ended at $14.09/bu, down 27 cents."
http://www.uswheat.org/uswPublic2009.nsf/index?OpenPage
HRW Harvest Complete; #1 Grade Averages for HRW and HRS; Durum Data Starts
September 9
HRW: The 2011 HRW wheat harvest is complete with a Grade 1 crop, average protein 12.4% and test weight at 60.8 lb/bu (79.9 kg/hl). HRS: The crop remains #1 grade with 14.9% ave. protein and ave. test weight continued to improve to 59.9 lb/bu (78.8 kg/hl) and ave. DHV is 74%, similar to last year and the five-year ave. SW: This week’s weighted averagesshow test weight at 60.7 lb/bu (79.9 kg/hl); moisture content at 9.7%; protein content at 9.1%; and falling number value at 309 seconds. Durum: Initial data on 24 samples show an ave. test weight of 58.8 lb/bu (76.6 kg/hl), ave. protein of 14.1%, and ave. falling number of 389 seconds. SRW data is complete and the final report is posted in Harvest Reports. A summary of quality data is available in the Sept. 1 Wheat Letter (see above).
So why does the CWB widen the basis (give growers less) when west coast PNW deliveries have a huge premium?
WHERE is OUR CWB Premium!!!?
September 9
Wheat prices traded lower this week on all three U.S. exchanges, pressured mostly from a strengthening dollar and growing concern about the European debt situation. HRS FOB basis for 13.5% and 14.0% protein out of the PNW were both higher this week due to ongoing logistical problems caused by flooding in the Northern Plains. HRS 13.5% basis for nearby delivery was up from $2.40/bu last week to $2.80/bu this week.The continuing drought in the U.S. Southern Plains is a supportive factor for the market but has been unable to offset the macro concerns. KCBT saw the largest decline this week, down 48 cents to close at $8.10/bu. CBOT lost 29 cents to end at $7.01/bu, while MGEX lost 38 cents on the week to close at $9.46. Trading volume was light on Friday ahead of USDA’s monthly Supply and Demand report released Monday. CBOT corn prices lost 24 cents this week to close at $7.26/bu and CBOT Soy prices ended at $14.09/bu, down 27 cents."
http://www.uswheat.org/uswPublic2009.nsf/index?OpenPage
HRW Harvest Complete; #1 Grade Averages for HRW and HRS; Durum Data Starts
September 9
HRW: The 2011 HRW wheat harvest is complete with a Grade 1 crop, average protein 12.4% and test weight at 60.8 lb/bu (79.9 kg/hl). HRS: The crop remains #1 grade with 14.9% ave. protein and ave. test weight continued to improve to 59.9 lb/bu (78.8 kg/hl) and ave. DHV is 74%, similar to last year and the five-year ave. SW: This week’s weighted averagesshow test weight at 60.7 lb/bu (79.9 kg/hl); moisture content at 9.7%; protein content at 9.1%; and falling number value at 309 seconds. Durum: Initial data on 24 samples show an ave. test weight of 58.8 lb/bu (76.6 kg/hl), ave. protein of 14.1%, and ave. falling number of 389 seconds. SRW data is complete and the final report is posted in Harvest Reports. A summary of quality data is available in the Sept. 1 Wheat Letter (see above).
So why does the CWB widen the basis (give growers less) when west coast PNW deliveries have a huge premium?
WHERE is OUR CWB Premium!!!?