Exchange wheat prices

[bucket]

Farmaholic

True but shouldn't the basis be better reflective of that?

In other words what is the basis calculation?

Is it port price minus prairie price or is it mpls plus fx minus who the **** knows?

Do you think any other commodities not know their actual costs?

Farmers don't whether it be the basis calculations that are not defined....or the quality spreads that can't be defined going forward.

[bucket]

On a different note.....everyone knows the struggles of western Canada. ....any updates and data on how full fertilizer sheds are?

[malleefarmer]

grain markets almost like clockwork 2 days up 3 days down repeat process rangebound it seems
see your dollars 74 ours is 76 so close. current new crop prices for me for standard wheat equate to $210 on farm as of yesterday 10.5 % proties wheat. And feed barley $160 Canola $500 on farm depending on oil content

[farming101]

So the spread for better quality milling wheat may have levelled off... I bet it holds.

Would be nice to see the whole wheat complex move up. I still say, the world may be awash in wheat but what quality wheat? That being said.... too much poor wheat will likely keep a lid on good wheat prices. Only so many high priced premium markets... too many price sensitive markets.

The spread may hold but as you say there may be a really thick ceiling that holds down prices.
Too early to tell but it looks like further rallies are on hold for a little while. MWZ has some good support at the $5.20 level which is where it is this Wed morning. Will be watching to see if it holds. It may indicate whether or not there will be any upward momentum into year end. Mar17 will be the lead month soon.

US soybean shipments are hogging the pipeline. Wheat has taken a back seat.