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Wheat takes a backseat to row crop harvest

The deferred bid/offer values have not change over the past 10-days as buyers hold their bids at historical values and sellers add the freight premiums to delivered premiums. There has been a turnaround in nearby values with higher basis after disappointing applications on September contracts. Increased freight rates encourage shippers to carry wheat until J/F/M…

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Higher rail and barge freight limit wheat sales as winter wheat harvest progresses.

Weakness of the USD is offset with higher rail freight rates, increased elevation margins, and widening ocean freight spreads.  US wheat is a long way from competitive today.  Hard red winter wheat growers have sold +50%-65% of their harvest. Shippers/ware-housemen have hard red winter tucked away, despite improved row crop conditions which was supposed to…

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The latest U.S. Drought Monitor indicated 33% of winter wheat production and 27% of spring wheat production is in an area impacted by drought. Source: http://droughtmonitor.unl.edu/CurrentMap.aspx

April 3, 2018

Today’s futures rally is not buying us any export business, but Russia wheat was up $3-$4/mt today & Matif was up $3-$4/mt as well, so no real damage. The cash markets were mixed as traders were cutting their HRW production estimates after USDA’s crop condition ratings yesterday PM, the gulf traded up 5+ ct/bu on…

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