Small Grains Market Snapshot

Small Grains Market Snapshot

Northwest Farm Credit Services recently released their quarterly industry Market Snapshots. Today we will look at the small grains snapshot, Northwest Farm Credit Services Vice President of Market Research and Development Michael Stolp shares

 

Stolp: “Wheat markets rallied late in the first quarter of 2014. Old and new crop prices are up approximately 30 percent from February 2014 lows, driven by uncertainty surrounding the U.S. winter wheat crop and a volatile geopolitical situation in Ukraine. Recognizing the world has ample wheat supplies, anecdotal reports suggest many Northwest wheat producers have taken advantage of recent market strength by forward contracting between 15 and 30 percent of their 2014-15 crop. Current wheat markets are pushing producers’ returns above Northwest FCS’ estimated breakeven price of $6 per bushel.”

 Winter wheat planted acres are down 9.1 percent in Idaho, 2.4 percent in Washington and 7.6 percent in Oregon.

 

According to the most recent NASS Crop Progress and Condition report, in Idaho frequent rain showers have assisted in great winter wheat progress along with the planting of spring wheat in the southwest region. Great moisture levels support planting progress being slightly higher than historical averages.

 

In Washington the first week of April in Whitman County was fairly mild, with average temperatures and about a quarter of an inch of precipitation.Spring seeding is well underway. While in Eastern Oregon some spring grains have been planted.

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