HRW 2020 harvest underway

The cash markets were firm but quiet today across the domestic and export markets. There was some trade at the Texas gulf for HRW last week to Brazil and LAM buyers.  To our knowledge there has not been additional trades this week, but some interest under the market. The PNW has Japan tendering tonight for 3 cargoes and one Korean buyer passed last night. The domestic markets are firmer as well, as states start to open their economies via phase 1 Covid-19 reopening. Growers don’t like the flat price and are focused on planting spring crops in the mid-west and northern plains.  HRW farmers in the southern plains are starting to harvest wheat along the TX and OK borders last week and will move into central OK this weekend. The drier / warmer weather forecast for the southern plains over the next 10-15 days is just what the HRW market needs. There have been reports it will add further stress and cut yields in the HRW area, but we no one we spoke to believes this. Much of the area received 1-3+ inches of rain May 15-25 & it needs hot/dry weather to finish as harvest approaches. NE/SD may struggle however “record yield” potential in central OK & KS are expected.

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