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Burbank Elevators Hours: 8:00 AM to 6:00 PM Monday-Saturday; Closed Sunday 

NOTE: ALL PRICES ARE NOW DELIVERED PASCO, NOT PORTLAND 

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Office #509-545-0900 & Elevator #509-545-5179
 
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Contact Mason or John at 509-234-2500
 
 
Commentary

7/19/24:  Wheat futures have recovered roughly 30 cents apiece of the lows seen on Tuesday.  Corn for the week has essentially not changed with Dec futures still floating around 4.10 per bu.  Yesterday’s export report were positive for wheat and neutral corn.  Wheat exports were 578K MT near the upper end of the expected range.  HRW was 186K, HRS 205K and WW was 138K.  Corn combined old and new was 924K MT in line with expectations but nothing special.  Spring wheat futures have led the rally on increased export sales and little to no farmer engagement on cash sales.  The heat that rolled in 2 weeks ago is exactly what the crop needed, but now as we enter week 3 market is starting to get concerned with dryness through the plains and into Canada.  We don’t buy the dryness concerns for a second.  Spring wheat conditions and growing conditions are all pointing towards a phenomenal crop.  What we do buy is that the spring wheat farmer does not have to sell anything and has plenty of on farm storage to wait out better prices.  So, if exports can continue at a decent clip basis or futures will have to do some work to entice some spring wheat selling.  In general, for the next 2-3 months wheat rallies are meant to be sold if producers need cash.  Hard to paint a large, sustained rally in the short term.  Feels like the best price opportunities are October forward and even more so January forward. 

USDA Report 7/12/24:  Nearby corn carryout decreased by almost 145 million bu dropping the total carryout below 2 billion bu to 1.877 billion.  2024/25 carryout was left pretty much unchanged after an increase to corn production numbers.  The drop in carryout on the nearby is due to higher uses evenly split for feed and export.  That is a welcome sight for corn prices as it was below the lowest estimates in the trade and will be viewed as bullish.  Should and key word is should, mean that nearby bottoms on corn prices have been made.  Wheat ending stocks increased 133 million bu primarily in winter wheat stocks.  Increases in winter wheat production are valid given how low the USDA started and how great yields have been thus far through harvest.  First look at spring wheat production came in at 578 million bu higher than the highest market expectations.  Also makes sense given the near ideal growing conditions we have seen thus far.  SWW production was raised nominally from 226 million to 234 million.  Bearish wheat report but believe that was already priced into the market.  The corn report bullish surprise likely helps wheat out more so than the wheat report hurts it.  World carryout numbers on row crops were nominally unchanged.  Wheat was raised by 5 million metric tons.  Theme continued bullish/neutral row crops and bearish wheat. 

Please open link below for information about TCG's decision to change grain grading labs from WSDA grain lab in Pasco to National Quality Inspection (NQI). 

NQI Customer Letter

***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

 

Cash Bids Delivered TCG; No Additional Fees or Fuel Surcharges Deducted

Quotes are on 15 min delay with futures markets.  Please call to confirm pricing 

Futures Quotes
Quotes are delayed, as of July 21, 2024, 11:33:13 AM CDT or prior.
Commentary
Cotton: You Just Can't Keep a Bear From Growling -

Cotton prices were down 99 to 139 points at the close, with thinly traded October the weakest but active December not far behind. Crude oil was

Soybean Prices End Friday in the Red, Spec Funds Expand Bearish Positions -

Soybean futures settled 1 ¼ to 7 ¼ lower on Friday, with the inverse (a.k.a backwardation) continuing to expand on good crusher demand for nearby

Contrary Opinion Trade Works for Wheat on Friday -

Wheat futures were swimming against the bearish tide on Friday, or perhaps unwinding some inter-market spreads. In any event, all three US markets

Corn Traders Had Little to Show for Friday Effort -

Corn futures couldn’t hold initial gains into the Friday close, as quite a few markets sold off going into the weekend. Net changes were

Cattle Settled Mixed Ahead of USDA Cattle on Feed Report Release -

Live cattle futures were mixed at the close, anticipating little bearish news for nearby cash cattle in the COF report, but more cautious above

Hogs Extend Rally on Friday, August Up $3.18 for the Week -

Lean hogs continued their bullish effort for the week, up $.20 to $1.22 on Friday. Nearby August was up $3.18 for the week. The USDA National Base

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