MWH Again

[farming101]

Good follow through today after the best close since June 24 yesterday
Looks like it will close above 547 and a half which would indicate 554 and 3/4 next resistance.

[mcfarms]

Poor us ww condition reports Argentine flooding and potential for deep freeze over Russian ww crop next week giving some bad news potential for the first time in a while in wheat. Did sell some today myself March off may.

[biglentil]

Sold some #1HRSW at $6.70 for Feb. Too bad 4 u Richardsons and Viterra.

[jamesb]

ya getting bids for #2 13.5 @ $6.50

[Oliver88]

Wheat down yesterday and up today after the USDA report.

CDN $ at 76 cents now.

[Kinger]

Futures aside in MB there are red spring bids of anywhere from $6.50 to $7/bu for a 2-13 roughly.

Viterra has been having $7 targets get picked up fairly regularly.

JRI/G3 has been $6.85

Worth it checking to see what graincos protein premiums are though some are $0.02 per point which can turn a $6.60 for 2-13 into $7 for a 2-15 pretty quickly.

[furrowtickler]

We sit in the lowest price is the law land here.
2 , 13.5 pro at $6.25 .

[farmaholic]

I wonder of those Manitoba bids are servicing the nearby quality U.S. market. I would assume freight there would be cheaper than over the mountains or out the seaway.

[bucket]

Well the seaway is frozen and freight to Vancouver from Manitoba should be prohibitive to better prices.....so I guess you are right farmaholic....

[farming101]

A lot of wheat is railed to Quebec from Manitoba and Sask. Likely the better price reflects the fact that Manitoba is a little closer. And also Manitoba sends a fair bit to the US too.
I was wrong on thinking US shipments would be up this year. They are actually down so far. Likely because of poorer quality and also US farmers are sitting on a lot of stocks, much of it being good quality.

[farming101]

Furrow cheer up I found lower for 2 13.5- 6.08 Jan del.

Saskatoon area 6.53 Feb del. for 2 13.5

Very sad. Worst basis of the year. The fact that Canadian markets are not responding to this old crop inverse likely means it is spec led and could be short lived. Today's action indicates there could be more upside yet.

Another thing is that only 15 percent of exports from ports have graded #1(some may have went out as specific quality) Quality is not top shelf and could even be having to compete with American HRW high protein.

[farming101]

Worst basis of the year, over 2 dozen ships waiting/loading, primary elevators half full. Guess it was pretty cold, doesn't explain the poor bids compared to the rise in MWH

[Kinger]

MB yields right now are reflecting a demand for high quality wheat to Mills in the US and Montreal. Off grade poorer quality is all being sent west to Vancouver where the graincos have more flexibility with what they can send and where they can send it.

Viterra is going hard into the US while others like Cargill are switching into doing more canola and soybeans and their bids reflect that.

Viterra has also been doing deals for high volume where they give a net price and whatever the grain comes in they get that net price no premiums or discounts what so ever. Heard that from eastern and western MB now.

CHS is also now doing on farm pickup for CNHR wheat where they are trucking it south to mills. Bids arn't as good due to the lower margins of truck movement though but good to see more competition popping up.

JRI, G3, and Paterson are doing all the same roughly with increased dockage based on fuz or vomi but buying it all as a #2.

[bucket]

Around here they get farmers to clean their durum... pay them on grade... then buy their screenings. ....and probably put it all back in the same boat at Vancouver. ...

[westernvicki]

When wheat looks like a great option: bonanza.