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Veteran Advisor

Wheat Quotes

When I start to type this, the saying "don't bite the hand that feeds you" comes to
Mind.
As of late I am becomming annoyed the
Way the media and info providers treat
Wheat.
I was aginst shutting down kcbot. I talked
To several "well known" market guessers
About the effect on the market, and how
a unique commodity will loose its identity.

Well I feel it has happened. If you look
At the "market sources" now quote "wheat"
Look at this website as a prime example.
Even the traders are letting things meld
Together and just look at one chart "wheat"

There are huge differences in cropping
and use between the hrw, northern high
Protein and white wheat.
You can not use one for the other.

If you grind corn, you get cornmeal, same
With soybeans......but with wheat, all
Different.

I think the question needs to be ask, has
Hrw suffered financial harm due to the
Way it is handled.....

I remind everyone we used to trade "protein
Points" in the NE corner of the floor, now
I can't find it anymore,
The Cabot has a horrible designed and
Hard to use website.

What ya think?
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5 Replies
Highlighted
Senior Contributor

Re: Wheat Quotes

Well looking at the prices HRW is trading at compared to the other classes I don't see where your beef is at, pricewise HRW is higher than both the srw and HRS. I feel your beef should be directed only at the ignorant market commentators, but since their influence on price is insignifcant why waste the energy.

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Senior Contributor

Re: Wheat Quotes

    My thoughts are if this senario provides a oppertunitie to sell some forward at twice the cost of production,jump on a little,getting close,what you say Pal?

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Senior Advisor

Re: Wheat Quotes

I wouldn't discourage someone from selling ahead but I seldom do. In fact I'm at the opposite end of the spectrum. Each approach has it's advantages depending on the situation. I have sold ahead for actual delivery for tax purposes and when I want to protect a given price. I seldom do it more than 2 months out and usually somewhat less on the basis that I think I can see that far out after N America has harvested.

 

I usually have one crop in storage as close as a week or two before the next harvest. Right now I'm longer than that in wheat. But I'm current in terms of cash flow and pending needs. I partly got into this this year when Monsanto's little debacle in the PNW with rogue RR wheat completely closed down our markets just as I was trying to sell. **bleep** terrorists!

Senior Contributor

Re: Wheat Quotes

    I like your position Palouser. I never store wheat except in the extreme like 2007 right after harvest,just not set up for it,and wheat is just 20% of my business. I do not usualy favor selling wheat I do not have because this is the extreme west,and we always can get wet.Never have lost a crop to rain though.Sold just at harvest in 2012,and  sold a large projection of 2013 in the fall of 2012 for $8.50 Nothing done wrong on eather of those years.But I am shur wondering wher to drop the hammer this season?                                                                                                 PS,there is only about 60 to 70% of the wheat acres here as last year also!

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Senior Advisor

Re: Wheat Quotes

Growing wheat in the middle of an on going drought, I'll be damned if I'm forward selling.
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