Wheat hit $20.00 a bu

[idylglade1]

I got this e-mail alert yesterday!

GRAND FORKS, N.D. - The wheat market moved into historic ground Friday in North Dakota and Minnesota, as short-term demand from mills pushed prices up to $20 a bushel at one elevator in an after-hours scramble.


Most elevators in northeast North Dakota and northwest Minnesota posted prices of $16.70 to $17.30 Friday, according to an Agweek survey; that's four times as high as a year ago and the highest figures ever seen.

 

[dun]

Great and last year I turned the field we alwasy planted WW in to WSG.

 

[john250]

I remember in the '70's the principle "bushel of wheat=barrel of oil" was considered a historic price relationship. Looks like we are headed back that way.
I am nervous as a cat in a room full of rocking chairs about the economy. When $20 wheat hits the grocery store, we may see riots.

 

[mnmtranching]

What do you think hay will be next year if we can get it?

Everybody with tillable hay land, their getting their plows worked over, booking seed. :shock: :help:

 

[john250]

What do you think hay will be next year if we can get it?

Everybody with tillable hay land, their getting their plows worked over, booking seed. :shock: :help:

Strap yourself in. It's gonna be a wild ride.

 

[cattleluvr18]

we didnt get to plant any wheat this year. dad usually gets about 100 acres in but we had a farm get taken away. no one really knows how wheats going to turn out this year here because we've had alot of ice. so if theres bad wheat, the prices will go up even more. those who farm and have cattle are in kind of a tough situation. grain prices are up, but cattle prices are down and their expensenses are skyrocketing. i dont know how this year is going to play out for me and my family.

 

[I luv herfrds]

Red durom was at $22.00 a bushel on Friday. look for the price of pasta to go sky high. The riots already started in Italy over the price.
Report came out that the reserve of wheat is lower then they first thought. Not sure, but it may have been 300 million metric tons. Will have to check again.
Knew something was going on when they took our grain before the delivery date.

 

[TexasBred]

May wheat futures are trading on CBOT this morning at $11.18.

 

[john250]

May wheat futures are trading on CBOT this morning at $11.18.

And I believe the nearby is locked "limit up". I read that several millers are stuck with futures positions they cannot exit, because the market is always limit up.
Makes me wonder why I piddle around losing money a few dollars at a time when I could lose it all with a phone call to a broker. :roll:

 

[TexasBred]

March is down $.356 at $10.57. Have not seen any $20 wheat on CBOT at any time. John I hear you on the phone call. Might as well just go "all in". :lol: :lol:

 

[Oldtimer]

Today hard spring wheat is trading at the local elevators for $18.30...Thats the good news- the bad news is my bins are bare :roll: - which apparently is the problem at many folks places to get the price this high.....

 

[TexasBred]

Oldtimer is that what the locals are quoting on new crop wheat or what they're paying "IF" you have any of last year's wheat left?

 

[somn]

a plus basis is a wonderful thing.

 

[larryshoat]

May wheat futures are trading on CBOT this morning at $11.18.

And I believe the nearby is locked "limit up". I read that several millers are stuck with futures positions they cannot exit, because the market is always limit up.
Makes me wonder why I piddle around losing money a few dollars at a time when I could lose it all with a phone call to a broker. :roll:

Hey not a bad idea . I have new wheat contracted at $5.05 all you have to do is call me and ask what I am gonna do and then do the opposite, you'll be rich in no time . ;-)

Larry

 

[I luv herfrds]

Got a friend that has not contracted any of his wheat and the elevator guys are calling him like crazy. Up to $17.00 :shock: :shock: :shock:
He was told it is suppose to go up $.90 more tomorrow, but can't be sure of that.

 

[TexasBred]

Gonna be a wild ride it seems. Overnight trading has March wheat now at $10.50 and May at $10.626, down $.20 more.

 

[TexasBred]

Got a friend that has not contracted any of his wheat and the elevator guys are calling him like crazy. Up to $17.00 :shock: :shock: :shock:
He was told it is suppose to go up $.90 more tomorrow, but can't be sure of that.

Double check those numbers. CBOT is showing wheat trading a little above $10 range. maybe that $20 is per hundredweight. Regardless....still gonna have some high dollar bread but good for the farmer.

 

[Oldtimer]

Oldtimer is that what the locals are quoting on new crop wheat or what they're paying "IF" you have any of last year's wheat left?

Thats what they're paying today- if you have wheat you can deliver today...And that is $18.30 per bushel....
http://www.ams.usda.gov/mnreports/BL_GR110.txt

All the bins must be empty- and the millers must be in a dire position.....

I tried to get a few sacks of whole oats for my saddle horses last week- and had a hard time finding it- then when I did it was $16.50 per hundredweight.... :shock:

 

[TexasBred]

Ohhhh..ok..checked your link. That $18.30 a bushel is for Dark Northern Spring Wheat . I was looking at hard red winter wheat...It's below $10 a bushel right now. Oats have been high for quite a while now at around $4.20 a bushel.

 

[larryshoat]

That CBOT price for wheat is Soft Red Winter wheat, which is what we grow here . Thats why we are hearing such a price difference we are talking about different kinds of wheat .

Larry