Cash prices for HRS currently average about $9.25 across the U.S., which
represents the highest level on record, and a gain of more than $1 per bushel
in just a week and a half.
"The wheat market price rally over the past two months has been impressive,
and it does not appear that demand has been rationed to meet available supplies
yet," said Jim Peterson of the North Dakota Wheat Commission. "Although adverse
weather and declining production prospects ignited the market early this
summer...demand has elevated values to historic highs."
Although still shy of extreme price-peaks achieved earlier this fall, cash
winter wheat markets also soared some 6%-7% this week, largely on the strength
of a weather-related 40-53-cent futures rally at the Chicago/Kansas City Boards
of Trade.
"I continue to hear reports of significant acreage that hasn't even been
planted, due to dry soils, as far north as western Kansas," said Farm Progress
market analyst Arlan Suderman. "More significantly, this crop has the lowest
condition index score, as it goes into dormancy, of any on record over the past
21 years. This has end-users quite nervous about prices."
The resurgence in winter wheat futures was accompanied by a 5 1/2- to 8-cent
improvement in domestic basis for that commodity, as well.
"Producer selling continues to be light and should stay that way into the New
Year," said Country Hedging wheat analyst Charles B. Soule.
Daily average receipts of wheat at select HRW/HRS terminal markets dropped
about 15%-40% this week.
Export basis for wheat was widely mixed this week, with CIF bids for winter
wheat dropping 5-15 cents, even though spring wheat premiums climbed 3 cents
higher in the Pacific Northwest market.
I wounder how the CWB is doing? To me it seems that the only major supply of HRS is Canada till the SA and Australian crop is in.
But for Canadian farmers to get 9.25, this is the CWB lets hope for the $6.00 that the last PRO said.
Could we just once in my life time get the so called Premium that the CWB always preaches about.
THE WORLD IS SHORT HRS WHEAT AND ARE PAYING FOR IT!
represents the highest level on record, and a gain of more than $1 per bushel
in just a week and a half.
"The wheat market price rally over the past two months has been impressive,
and it does not appear that demand has been rationed to meet available supplies
yet," said Jim Peterson of the North Dakota Wheat Commission. "Although adverse
weather and declining production prospects ignited the market early this
summer...demand has elevated values to historic highs."
Although still shy of extreme price-peaks achieved earlier this fall, cash
winter wheat markets also soared some 6%-7% this week, largely on the strength
of a weather-related 40-53-cent futures rally at the Chicago/Kansas City Boards
of Trade.
"I continue to hear reports of significant acreage that hasn't even been
planted, due to dry soils, as far north as western Kansas," said Farm Progress
market analyst Arlan Suderman. "More significantly, this crop has the lowest
condition index score, as it goes into dormancy, of any on record over the past
21 years. This has end-users quite nervous about prices."
The resurgence in winter wheat futures was accompanied by a 5 1/2- to 8-cent
improvement in domestic basis for that commodity, as well.
"Producer selling continues to be light and should stay that way into the New
Year," said Country Hedging wheat analyst Charles B. Soule.
Daily average receipts of wheat at select HRW/HRS terminal markets dropped
about 15%-40% this week.
Export basis for wheat was widely mixed this week, with CIF bids for winter
wheat dropping 5-15 cents, even though spring wheat premiums climbed 3 cents
higher in the Pacific Northwest market.
I wounder how the CWB is doing? To me it seems that the only major supply of HRS is Canada till the SA and Australian crop is in.
But for Canadian farmers to get 9.25, this is the CWB lets hope for the $6.00 that the last PRO said.
Could we just once in my life time get the so called Premium that the CWB always preaches about.
THE WORLD IS SHORT HRS WHEAT AND ARE PAYING FOR IT!