Weekly grain report

Byron Behne watches the grain markets for the Odessa Union Warehouse.

12/17/12: Wheat prices continue to trade a lower range that was established after the USDA monthly supply-and-demand report last week. Chicago futures fell 6 cents on the day and white wheat dropped 3. The HRW belt is supposed to receive some needed moisture this week. However, what they really need is a change in the long term weather pattern and not one rain/snowstorm.

12/18/12: Wheat prices finally got low enough to entice Egypt into a tender on Tuesday afternoon. Chicago futures had been down as much as a dime during the trading session but rallied into the close. The Egyptian announcement came as the markets were still trading. Soft white prices improved a dime versus yesterday with the tender news. It would be a major downer to see more Russian/Ukrainian wheat show up for this one but that seems like it’s at least a possibility. Soft white got the majority of the tender the last time around. However there isn't much producer selling at these price levels, so trying to get enough put together to offer something may be difficult for exporters.