Grain division report

What a difference a year can make! Crops look very good heading into the beginning of harvest. Row crops and late seeded wheat could use a drink, but overall, the potential for this year’s crop is quite impressive.

Southwest Grain has a harvest delayed pricing program available for spring wheat, winter wheat and durum. Service fees are $.06/bu/month, 15 days free, priced by May 31, 2023 (or pay storage and roll), service fees are retroactive to the day of unload if not sold within the 15 days.

Our elevators have space and are ready for harvest to begin. We do have some freight and are hoping to stay fluid through harvest. New crop purchases from the farm were few so we had to make our best estimate as to what would move. With any luck, it will all work out!

North American wheat is getting harvested, so each day more wheat is available to the world market. Demand for U.S. wheat is poor. Weekly wheat export sales for the 22/23 crop year are below the previous two crop years and the cumulative total is chugging along at the bottom of the five-year range. Even with the poor demand and the prospect of a good spring wheat harvest, prices are still at historically good values. Take advantage of opportunities as they present themselves!

Also, it is not too soon to start pricing 2023 crop. At the time of this writing, Minneapolis December 2023 futures are at $9.29, December 2023 corn is $5.87, and November 2023 soybean futures are $13.40. High prices can provide pricing opportunities for multiple years.