Weekly grain report

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

11/14/12: Wednesday was quiet compared to the big drops suffered in the previous few sessions, as Chicago futures lost two cents and soft white remained unchanged. Basically it’s been the negative momentum from Friday’s bearish supply-and-demand report, combined with general financial market turmoil that is doing all the damage. Expect things to remain unsettled while exports remain poor.

11/16/12: It wasn’t a very pretty end to the week as export sales for wheat were again disappointing at 11.6 million bushels, when we need to average 18.4 million per week to meet the USDA’s projection for the year. White wheat sales on the week were relatively strong at 4.6 million bushels and Portland basis to Chicago futures improved about 20 cents versus where it was after the rally a week ago. For the time being, the momentum is headed lower, which doesn’t figure to change until exports improve significantly. The dollar has also been appreciating versus other world currencies, which further hurts our competitiveness. It was reported that China cancelled 22 million bushels worth of U.S. soybean purchases this morning, which will probably be re-sold at lower prices – a great deal if you can get it. Apparently, longshore security workers may walk off the job on November 25, which would halt traffic into and out of Portland, Ore. ports.

11/19/12: Behne referenced an article by Richard Read in The Oregonian newspaper out of Portland, Ore. for his Monday report.

“Representatives of the Port and the International Longshore and Warehouse Union say the strike could still be averted. But Port officials believe cargo ships may begin bypassing Portland because of the uncertainty created by the failure of last-ditch contract talks Friday.” Go to http://www.oregonlive.com/business/index.ssf/2012/11/longshoremen_plan_to_strike_at.html to read the entire article.