Hard Red Protein above 13.5... gone for now

[TOM4CWB]

Dear Charlie,

I see many of the PX premiums are gone for above 14px (13.5pxCDN)... as the ND and SD harvest is in full swing with harvest pressure on the wheat market. Extended hot weather has 14-17 percent PX common down there I am told. Some CDN bids now have no premiums above 13.5px

DTN Aug 10 Wheat Report for Portland:
JO_GR110
Portland, OR Fri Aug 10, 2012 USDA Market News

"Bids for 14 percent protein US 1 Dark Northern Spring Wheat for August
delivery trended 22 to 23 cents per bushel lower than Thursdays noon
bids. The lower Minneapolis September and December wheat futures
pressured bids. Some exporters were not issuing bids for nearby
delivery. Nearby protein scales were down four to seven cents each 1/4
of a percent of protein down to 13 percent protein and up zero cents each
1/4 of a percent of protein up to 16 percent protein."

[charliep]

It is likely (best information today) to be a high
quality and protein year for North American wheat.

My emphasis would be (actually is) to determine what
the market is actually offering and how it is offering
it. As an example, Japanese Food Agency business
(75,000 to 100,000 tonnes of 1 CWRS minimum 13 %
protein) needs to be filled. Who is doing this
business? How are the market signals being provided
farmers? What are the quality price grids?

Tom - You indicated this information is readily
available (I agree by the way) but how many farmers
are looking? Or are they still in the single desk world
of not paying attention? Protein and grade spreads
(as with other attributes) will now have prices/market
signals attached to them. Are farmers watching
them? Are they ready?

[charliep]

The Japanese Food Agency business is monthly by the
way.