Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211


Agricultural News

US Wheat Associates Weekly Price Report for Friday, March 19, 2021

Mon, 22 Mar 2021 06:49:59 CDT

US Wheat Associates Weekly Price Report for Friday, March 19, 2021 US Wheat Associates have updated their Weekly Price Report:

All wheat futures prices fell on the week due to heavy precipitation across the Great Plains (see below) and technical selling. CBOT soft red winter (SRW) futures fell 10 cents to close at $6.28/bu. KCBT hard red winter (HRW) futures slipped 18 cents to end at $5.85/bu. MGE hard red spring (HRS) futures dropped 7 cents to close at $6.27/bu. CBOT corn futures jumped 19 cents to end at $5.58/bu. CBOT soybean futures gained 3 cents to close at $14.16/bu.

· Pacific Northwest (PNW) HRS, HRW and soft white (SW), and Gulf HRW export basis fell on the week due to increased commercial selling and reduced export demand.   

· The Columbia and Snake River systems’ annual maintenance program closures by the Army Corps of Engineers are extended from March 28 until April 1 due to damage found on one of the lock gates. Every year the Corps temporarily close the river system for maintenance, preventing barges carrying wheat from navigating the rivers.   

Commercial Sales

· This week’s commercial sales of 390,000 metric tons (MT) for delivery in 2020/21 were up 19% from last week’s 329,000 MT and in line with trade expectations of 150,000 MT to 500,000 MT. Year-to-date sales of 24.5 million metric tons (MMT) are 2% ahead of last year’s pace. USDA forecasts total U.S. wheat exports will reach 26.8 MMT in 2020/21, 2% ahead of last year, if realized.   

U.S. Drought Monitor

· Despite the heavy rain and snowfall, much of South Dakota and North Dakota did not receive drought relief, and some areas of North Dakota are now experiencing extreme drought. Abnormal dryness expanded across eastern Washington, but other parts of the PNW saw no expansion of drought conditions despite below-normal precipitation.

Global Wheat Reports:
· Stratégie Grains lowered its monthly forecast for soft wheat exports from the European Union (EU) by 900,000 MT to 25.2 MMT after a sharp drop in exports. Prices on the Paris-based Euronext exchange were primarily flat this week, hovering around one-month lows after failing to drum up demand.   

· Ukraine’s new agriculture minister said there is no reason to curb crop exports and that Ukraine plays a crucial role in the global supply chain. Despite his remarks, grain traders agreed to a 17.5 MMT export quota for the 2020/21 season, of which approximately 80% has already been sold.   

· China’s U.S. wheat purchases are up 170% compared to last year, and purchases of U.S. white wheat are at a 27-year high. China’s grain purchases across the globe have driven prices to record highs. China tripled purchases of Ukrainian barley, driving the price of high-quality Ukrainian milling wheat lower. The EU was forced to lower its export forecast for 2020/21 soft wheat exports after initial Chinese interest dried up.   

Baltic and U.S. Dollar Indices

· The Baltic Dry Index (BDI), an assessment of the average cost to ship raw materials such as grains, coal and iron ore, jumped 16% on the week to end at 2,281.   

· The U.S. Dollar Index increased from last week’s 91.67 to close at 91.93.   

Click here to see all the graphics that go with this report.



WebReadyTM Powered by WireReady® NSI


Top Agricultural News

  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m, Thursday, April 22  Thu, 22 Apr 2021 15:39:04 CDT
  • OSU's Kim Anderson Gives an update on the Impact of the Freeze on Grain Prices  Thu, 22 Apr 2021 15:37:32 CDT
  • Latest U.S. Drought Monitor Map Has Oklahoma Practically Free of Extreme Drought  Thu, 22 Apr 2021 14:56:14 CDT
  • Thursday, April 22, 2021 Market Wrap-Up with Justin Lewis  Thu, 22 Apr 2021 13:56:39 CDT
  • In Case You Missed It: Here's What They're Saying About the Growing Climate Solutions Act  Thu, 22 Apr 2021 12:13:11 CDT
  • NACD Announces Climate Action Task Force  Thu, 22 Apr 2021 10:06:34 CDT
  • NAWG Launches Special Climate and Sustainability Committee on Earth Day  Thu, 22 Apr 2021 09:58:52 CDT
  • On Earth Day, USDA Invests $487 Million in Rural Water, Energy, and Biofuel Infrastructure $3.8 Million Coming to Oklahoma  Thu, 22 Apr 2021 09:56:50 CDT
  • OKFB examines Rural Representation in Newly proposed Legislative Districts  Thu, 22 Apr 2021 16:23:36 CDT

  • More Headlines...


    Ron salutes our daily email sponsors!

    Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Oklahoma City Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.

    Our Road to Rural Prosperity sponsors!


    Search OklahomaFarmReport.com

    © 2008-2021 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.