10/11/24: Russian Exporters and Ag Ministry had thier meeting overnight and no big changes have hit the wires. Weekly export duties were increased (41%), but the $5/mt is already priced in current market expectations. Bigger story is where Russian Govt vs SocEcon call total Russian wheat production and use, leaving Exports to clear balance tables (an increasingly smaller/shrinking number)... where there is smoke there is fire and it would seem Russian export restrictions are a given sometime between Dec and Feb. 

Updated Black Sea weather forecasts have rain over large winter wheat areas the next 14 days. Something to continue to watch...

Wheat currently Down 7-10c Post Report (was up 5c), Corn down 1c (was up 3c)...

USDA WASDE Highlights/Recap: Dramatically Unchanged...

WHEAT: The outlook for 2024/25 U.S. wheat this month is for reduced supplies, larger domestic use, unchanged exports, and lower ending stocks. Supplies are lowered 6 million bushels to 2,783 million, as reduced beginning stocks and lower production are partly offset by larger imports. Production is reduced 11 million bushels to 1,971 million, as reported in the NASS Small Grains Annual Summary released September 30. Imports are raised 10 million bushels to 115 million based on a strong pace of imports for the first three months of the marketing year. Domestic use is raised 10 million bushels to 120 million on higher feed and residual use. The NASS Grain Stocks report released September 30 indicated a yearto-year increase for first quarter (June-August) feed and residual disappearance from a year earlier. Exports remain at 825 million bushels with several offsetting by-class changes. Projected ending stocks are lowered by 16 million bushels to 812 million, but still up 17 percent from the previous year. The season average farm price is unchanged at $5.70 per bushel.

This month’s 2024/25 U.S. corn outlook is for smaller supplies, larger exports, and reduced ending stocks. Projected beginning stocks for 2024/25 are 52 million bushels lower based on the Grain Stocks report. Corn production is forecast at 15.2 billion bushels, up 17 million from last month on a 0.2-bushel increase in yield to 183.8 bushels per acre. Harvested area for grain is unchanged at 82.7 million acres. Total use is raised slightly to 15.0 billion bushels reflecting greater exports. With supply falling and use rising, ending stocks are cut 58 million bushels to 2.0 billion. The season-average corn price received by producers is unchanged at $4.10 per bushel.

Washington Cap-and-Trade Rebates Start Aug. 26

It will be first-come, first-served when Washington distributes $28.5 million to partially refund cap-and-trade surcharges to farmers and haulers of farm goods for fuel. Click on the link below for full Captial Press article.

Capital Press Cap & Trade Fuel Rebate Article

How To Apply.

  ***Tri Cities Grain now offering Grain Settlement ACH Payments as well as Vendor ACH payments. 1 page form to fill out in order to set up the process.  Please call with any questions

Click here for the ACH Payment form