| SWW | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
| Club Wheat Max 10.5% | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
| HRW 11.5% | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
| DNS 14.0% | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
| Barley (Coast) | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
| CANOLA FOB UTOWN 05-01-24 | ||||||
|---|---|---|---|---|---|---|
| Delivery Start | Notes | Basis | Cash Price | Delivery End | Basis Month | Futures Price |
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
HRW: + 5 cents each 1/2% above 11.5% to 13.0%; - 10 cents each 1/2% below 11.5%
DNS: + 3 cents each 1/4% above 14.0% to 15.5%; - 7 cents each 1/4% below 14.0%
SWW: + 0 cents each 1/10% below 10.5%; - 0 cents each 1/10% from 10.5% to 12.0%. Max = -$0.00
** CLUB WHEAT MAX 10.5% PROTEIN ONLY **
Premiums and Discounts are Subject to Change...Please Call to Confirm
- Corn Bulls Hold on For Friday Gains
- Corn held up despite the bears putting up a fight after the overnight strength. Futures closed with contracts up ½ to 3 ¼ cents, as in delivery May was down a nickel. July futures ended the week with a 10 ¼ cent climb, as December was 9 ¼ cents higher....
- Wheat Rallies into Weekend
- Wheat bulls were feeling better heading into the weekend, as Friday posted a round of strength. Chicago contracts were up 11 to 19 ¼ cents across the board, with May getting thin and July up just a tick on the week. Kansas City futures were 6 ½ to 14 cents...
- Cattle Mixed to Close Out the Week
- Live cattle ended the day with Juny down 12 cents and other contracts spreading higher, up 27 to 67 cents. June was down a total of $1.90 on the week. Cash trade has been slow to develop this week with sales of $184 in the South and a few trades...
- Hogs Slip Lower into the Weekend
- Lean hogs slipped lower as we closed out the week with losses of 15 to 97 cents across most contracts. June was down $3.52 since last Friday. USDA’s National Average Base Hog negotiated price was down $2.40 from the day prior in the Friday afternoon report at $89.38. The CME...
- Cotton Rallies to End Week of Losses
- Cotton futures closed out the week on a better note for the bull as contracts were up 53 to 244 points. July was down 284 points this week, with December 134 points lower. A weaker US dollar helped to close out the day with losses of 218 points. Commitment of...
- Soybeans Close Just Off Friday Highs
- Soybeans powered into the close as contracts were within a few cents of the daily high at the final bell. Futures were up anywhere from 7 to 16 cents at the close. The weekly gains totaled 37 ¾ cents for July and 26 ¼ cents for new crop November. Soymeal...
05/03/24
Local Commentary Care of NWGG
A wild morning for futures markets. I'm going to cut out all of the usual bits and just try to head off some of the questions that you might have. Today's rally appears to be a few things:
-Forecasts for S RUS are still looking dry and some show possible damaging cold weather in some N RUS areas.
-ARG crops are getting smaller due to heavy rains and leaf hopper insect damage.
-It's becoming scary to be short in grain markets for the big speculative traders and they're lessening their big, short positions.
-There's still rain for much of the US Corn Belt that will slow planting progress.
-Rail workers in Canada are planning a massive strike to start later this month.
Do we think this will continue on? Maybe, but it's also predicated on a lot of things that can be undone quickly (i.e. rain shows up for S RUS and this all falls apart).
So, let's talk about HTA's and Platinum contracts because today is shaping up to maybe be a good day to do some of them. First:
-They're not for everyone, and that's okay.
-We feel hedging with futures is not appropriate for those who grow 25,000 bushels or less per year. It's just too much risk when you have to hedge in 5,000-bushel increments.
-You should do them in bits and pieces. Don't go "whole hog" all at once and set sell orders (target orders/limit orders, whatever you want to call them) above the market and wait/hope they fill.
Okay, some nitty gritty for those who are still interested:
+Do you have HTAs already on for this year?
-What value are they at? If they're above $6.50, perhaps you keep them OR roll them to next crop year, which looks like a $.40-.60 carry.
-If they're below $6.50 you should definitely consider rolling them to next year and perhaps starting a new HTA in this current coming crop.
*The goal should be to try to get old HTAs to $7 or higher, got it?
+Don't have any HTAs already for this year?
-If you're qualify and comfortable, you should take a look at a SEP24 or DEC24 HTA.
+Don't have any HTAs in NEXT YEAR?
-This is more advanced, but a good idea for some. You can have some of your NEXT crop hedged now, and as I write this those values are about $7.
-Think of these as cheap crop insurance. A $7.00 HTA in your pocket is a very valuable thing to have for market downturns.
+"Platinum" contracts are more advanced than HTAs, and if you're not comfortable with options, you should wait or tiptoe in on them. They're incredibly useful tools but add a few elements of unknown risk that you have to plan ahead for. Call or email for more details.
I hope that little writeup helps. We may be a little busy on the phones today, so if you're trying to get through and can't please leave a message and we will get back to you as quickly as we can.
- Cory
WINFIELD CROPLAN
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(VARIETIES ARE SUBJECT TO AVAILABILITY)
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RR* ROUNDUP READY VARIETIES—22oz RATE OF GLYPHOSATE
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