The cash markets were dead with HRW traders making their way to the Kansas Grain Convention in Wichita & trying to determine the amount of damage/loss from this weekends’ freeze & lack of moisture. The gulf market was not spoken but the Kansas City domestic market closed up 10 ct/bu on 11.4-11.6% protein. SRW was not well defined since there are no offers. The domestic spring wheat closed down 35 ct/bu on a train of 13% protein after trading sharply higher last week. The PNW was buying bits/pieces of wheat across all classes on today’s flat price rally. The Northern Plains is the area where growers still have 30%+ of their wheat left to sell.
There were temperatures into the low 20’s along the OK/TX southern border and into the low teens in the OK and TX panhandles. There was damage but no one knows how much. Wheat was 50%+ jointed in TX and OK panhandle, headed in the western 1/3 of OK, and boot or heading along the southern border. No one knows how much the loss could be, but with temperatures into the low 20’s in the Red River Valley and 57% of OK jointed. This could result in moderate to severe damage according to Kansas State. However, we’ve seen this is the past and with cool/wet weather the plant can re-tiller and still have an average or above average yield. There is an estimated 25 mbu in the coldest areas of OK and 25 mbu in TX that saw temperatures into the low 20’s in the south and teens in the norther regions.