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MFA Agri Services of Iowa – Corydon, Leon and Lineville.
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December 10, 2024
Portland Price Trends
12-01-23 01-01-24 11-01-24 12-03-24 12-10-24
#1 SWW (bus) 6.80 6.65 6.00 6.00 5.95
White Club 7.30 7.15 6.15 6.15 6.10
DNS 14% 8.12 8.03 6.75 6.68 6.81
HRW 11.5% 7.02 6.97 6.42 6.20 6.40
#2 Corn (ton) 228.00 232.00 209.00 212.00 217.00
#2 Barley 180.00 180.00 150.00 150.00 150.00
Wheat...The recent strength in the futures market has been mirrored in
cash bids for west coast hard red winter and dark northern spring wheat,
while bids for soft white wheat have remained stable around the $6 level.
As a result, white wheat basis to Chicago has declined by approximately
25 cents from its recent peak.
Shipments...Weekly export inspections revealed that corn and soybean
movement continues to be the primary focus of shipping activities. Total
U.S. wheat shipments were only 8.3 million bushels, bringing the year-to-
date total to 412 million bushels, which is 30% higher than a year ago.
Exporters on the West Coast transported 4 million bushels of wheat, going
primarily to Indonesia and Yemen, in addition to 17.4 million bushels of
soybeans and nearly 12 million bushels of corn.
Crop Report...USDA acknowledged an improved pace for white wheat export
demand, which was the primary driver for a 20 mbus reduction in U.S. wheat
ending stocks. White wheat exports were increased 15 mbus to 210 mbus; the
best level of export demand in four years.
-Norm Ruhoff Contributing Analyst
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