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Veteran Advisor

wheat

someone care to enlighten me what is wrong in the wheat market.  I have been busy and had not have had time

to look into things. 

 

All i iknow is that the wheat in these parts was not what everyone hoped.....including the elevators.

 

not so long ago, there was a bull in the wheat market,  things were only going to get better.

 

I noticed one of our elevators is -45 basis, the others  are -30  not so long ago it was -.05

 

also sounds like corn is not so whippy, so why is wheat dead ?

 

 

things are starting to stink........maybe something underhanded going on ?

 

 

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6 Replies
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Senior Advisor

Re: wheat

I'm right there in the same boat with you cheapo.  Locally we've lost $0.30 in 3 or 4 days.  Thinking I should've sold every bushel right off the combine.

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Veteran Advisor

Re: wheat. No Worries

store it.

 

there's another 2 to $5 Up in cash wheat, Globally.  MO

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Advisor

Re: wheat

My post about the basis was in reaction to the price drop as well. Based on conversations with a major rail rep, tonnage moving to the ports in the PNW are substantially down, plus coal is down as well. More unit trains are idle and begging for business. Which begs the question as to why the basis is what it is. One farmer suggests it is train loader owners that have recently expanded/built new facilities are using basis levels to their advantage. I'm not sold on it, but the markets appear to be ignoring quality problems in the new wheat supplies.
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Advisor

Re: wheat

Something in my memory says that plains elevators often offer "30 days to price" options and those 30 days can be pretty ugly as the market knows there are some fish in the barrel.

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Senior Contributor

Re: wheat

 Basis here before harvest started was -30 (not positive but within a few cents) now it is -$1.00. Big change in a short amount of time.  Patrick

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Senior Advisor

Re: wheat. No Worries

Same thing you said last year Wright about all the commodities.  Can I get another piece of pie or do you just want me to grab one out of the sky?

 

Don't forget that a broken clock is even accurate twice a day.

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