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

Friday Morning September 12th, 2025

Local Commentary Provided by NWGG

Here's the USDA Report

Graphic provided by StoneX:

Outside Markets:  

• USD is higher

• Crude is higher

• Gold is higher

Market News:  

• Wheat is lower

• Corn is higher

• Soybeans are higher

Daily Trivia:  Which WSU player became a College Football Hall of Fame offensive lineman after playing from 1980-83?

Before we get into the usual, I'll acknowledge the delayed bids due to the USDA September Supply/Demand report released at 9:00am. The market is looking for potential slight yield cuts from August’s estimates, though a few private forecasts even hint at potential increases, although higher yields aren’t impossible, the season’s dryness makes that outcome somewhat unlikely. By the time you're reading this we already know the results, but unfortunately, they won't be broken down in here for you guys until Monday because I'm writing this at 7:00am and as soon as we gauge market reaction, we'll be pushing bids out to allow you as much time as possible to market before the Friday marketing hours close. Overall, this report may hold greater potential for unexpected and surprising results (up or down) than August’s. 

Ok let's talk geopolitics right quick: Trade negotiations with China may be stirring again...?? Big surprise... Right now, a comprehensive deal still seems distant but any hint at a deal is worth noting. The latest is that Presidents Trump and Xi will both attend the late-October APEC summit in South Korea. Senior negotiators from both nations are slated to meet in Madrid next week to lay groundwork for a potential understanding at that summit. Still, Beijing has reason to move cautiously until the U.S. Supreme Court rules in November on the legality of Trump’s tariffs. Meanwhile, Ukrainian drones struck Russia’s northwestern Primorsk oil port today, a key terminal on the Baltic Sea northwest of St. Petersburg. Industry contacts said two vessels caught fire, while local officials reported only one ship burning along with a pumping station blaze. There were also unconfirmed reports that oil loading operations were halted. The raid follows a trend of deeper Ukrainian strikes inside Russia as Moscow intensifies its own attacks. Russia’s military claimed it shot down 221 Ukrainian drones overnight, nine of them over the Moscow region. In related tensions, President Trump again raised the prospect of tough new sanctions on Russia. Poland dismissed Moscow’s claim that recent Russian drone incursions into its airspace were accidental, calling them deliberate tests of Polish defenses and NATO’s response. European leaders likewise read the incident as evidence that Russia is unwilling to end the war and may harbor wider ambitions. It's hard to interpret how numb the grain market, especially wheat is getting to the Black Sea related headlines because a few years ago stories like this would have been bigger market movers. But altogether, these developments signal ongoing risk to Black Sea commodity flows should the conflict keep escalating/re-escalating. 

In the wheat market futures have slipped back into a holding pattern all week ahead of the crop report, after briefly rallying off the recent lows. Traders are still testing for contract lows, but more downside seems rather likely unless corn delivers an unexpected boost today. No "major" adjustments are expected in the wheat balance sheet, though attention will be on Russian production, which is running 2–3 MMT under private estimates, while both EU and Argentine figures may edge higher as well. Argentina’s wheat crop condition continues to impress, with good-to-excellent ratings climbing to a record 79%... All bearish factors to be honest. Like I said, I'm writing this before the reports, so you never know. Right now, it would be a big surprise if the USDA doesn't raise global wheat production estimates for key exporting nations by at least a few million metric tons. Attention will also center on any by-class shifts, particularly in light of the early-season pace of HRW exports. Also, the wheat insurance pricing window wraps up today, with Kansas City wheat averaging $5.62 and SRW at $5.75, both running 20 to 30 cents under last year’s marks. 

US weather update: No risk of killing frost is expected in key agricultural regions through late September. The two-week outlook calls for above-normal rainfall in the northwestern quarter of the Corn Belt, near-normal precipitation across the central belt, and slightly below-normal totals in the southeastern third to quarter of the region. For winter wheat planting, soil moisture remains drier than average in Illinois, Indiana, and Ohio soft red winter areas, still a bit below normal in the Pacific Northwest, near normal in Montana and the Dakotas’ northern Plains hard red winter zones, and wetter to much wetter than normal across southern hard red winter states including Nebraska, Colorado, Kansas, Oklahoma, and Texas.

Internationally, Brazil’s crop agency Conab finalized its 2024/25 estimates yesterday, pegging soybean production at a record 171.5 MMT—1.8 MMT higher than last month. Total corn output was set at a record 139.7 MMT, up 2.7 MMT from August, with 2.5 MMT of that increase coming from the second-crop estimate.

Effective July 1st, 2025 

We know every dollar counts, especially in agriculture, and that's why I'm delighted to announce that the Board of Directors has approved a 10% reduction in wheat handling rates. This will bring the rate down from 15 cents to 13.5 cents per bushel, effective July 1st, 2025.

 This decision was made with you, our valued members, at the forefront. We firmly believe that by reducing these rates, we can help put more money back into your pockets and support the vital work you do every day on your farms.  This is about strengthening our co-op together, and ensuring we continue to provide the best possible value for your hard-earned dollar.

 Thank you for your continued loyalty and for being such an integral part of our co-op community. Your success is our success, and we're committed to doing everything we can to support you.

Sincerely,

Garrett Egland

General Manager