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East & Midwest Grain & Hay Prices as of June 20

Grains and oilseeds lower on profit taking and outside markets: June 19, 2008
Brownfield news service on conventional grain

Soybeans were lower on fund and technical selling, along with the higher dollar and lower crude oil. There was a lack of fresh supportive news noted, in addition to the expectations for increased acreage due to all the crop loss in corn. Forecasts for the rest of the week look dry, with only light and scattered rainfall anticipated. China bought 2.24 million tons of 2008/09 beans ahead of the open, which was probably connected to Monday’s announcement that they would buy $4.5 billion of U.S. beans, but canceled on a 2007/08 purchase of 463,500 tons, sometimes more than they buy in an entire week. That could be attributed to a couple of things: either China’s attempting to step back buying due to high prices or they think Argentina’s farm strike could be resolved. While Argentina’s government and ag groups have both shown signs of softening rhetoric, farmers will continue to strike through Friday. Argentina’s the biggest exporter of soybean products but has been out of the market since mid-March due to the on again, off again strike with much of that being picked up by the U.S. Old crop continued to out gain new crop on the fairly tight near term supply and good demand. Soybean meal ended the day mixed; contracts were under profit taking pressure for most of the day, but nearbys rebounded late, hitting new contract highs on near term demand prospects. Soybean oil was down sharply on the lower soybeans and crude oil, along with some product spread trade. Argentina’s Ag Secretariat has lowered its 2007/08 soybean production estimate by a half million tons, down to 46.5 million tons. 99% of the crop has been harvested, with yields near the tail end of collections lower than expected.

Corn was lower on fund selling, profit taking and outside market direction. Additionally, corn was technically overbought after closing higher for eleven consecutive sessions. Midday forecasts were a bit drier than expected, but until we know the full extent of crop loss, traders will probably keep some weather premium in. According to Dow Jones Newswires, some uncertainty connected to a possible Congressional action related to the CFTC decision on speculative and index fund involvement in commodities was an another feature. Weekend weather should be fairly dry, but Dow Jones quotes one weather forecaster as saying that there’s the potential for widespread rain in some hard hit areas next week. Informa Economics is scheduled to put out a new U.S. acreage estimate Friday. Ethanol was lower on the nearly $5 decline in crude oil. The Argentine Ag Secretariat pegs 2007/08 corn production at 20.4 million tons, 400,000 less than their last guess. According to the Secretariat, 87% has been harvested and dry weather during pollination hurt yields.

The wheat complex was lower on technical selling and the firm dollar, in addition to the lower soybeans and corn. Corn and wheat remain tied by the feed relationship. There are some concerns about harvest delays for both hard and soft red winter, and wheat scab in Kansas, but not enough to break out of row crop’s influence, not to mention the bearish fundamental outlook for new crop winter wheat. Losses in Minneapolis were limited by good demand and tight near term supplies. Short covering was an additional feature at the MGEX. European wheat followed U.S. trade lower on a lack of fresh supportive news and the record expected world crop; November Paris was down 2.7% and November London lost 2.3%. Egypt canceled Thursday’s tender for at least 55,000 to 60,000 tons of wheat due to “unsuitable” prices, according to the government, via Dow Jones. A look at the breakdown of bids shows that U.S. supplies are mostly at a competitive disadvantage when compared to wheat from other origins. Shipping costs were also probably a factor. Argentina’s Ag Secretariat says that wheat planting will be down 16% from 2007/08 to 2008/09 due to low soil moisture, high input costs and lack of available fuel. Japan’s Ag Ministry bought a total of 227,000 tons of wheat. Most of that, 160,000 tons, was U.S. (83,000 tons dark northern spring, 56,000 tons western white and 21,000 tons semi hard). The remainder was from Canada (46,000 tons western red spring) and Australia (21,000 tons standard white). Arrival is slated for August and September.

Lakeview Organic Grain price list 6/9/08
119 Hamilton Place, Penn Yan, NY 14527
Phone: 315-531-1038

Organic corn

$440/ton

Organic roasted soybeans

$910/ton

Organic 48% soybean meal

$1,320/ton

Organic roasted dry beans

$530/ton

Organic flaxmeal

$760/ton

Organic barley

$460/ton

Organic oats

$410/ton

Organic Sunflowermeal

$545/ton

Upper Midwest (Des Moines, IA)
6/14/08
Organic grain and feedstuff prices were steady on light demand and offerings. Excessive rainfall and flooding are the focus points right now.  Producers are still planting organic corn but most will not continue beyond this week.  There are still a few weeks left to plant organic soybeans.  There is some drying going on allowing producers to get back into the field. According to the most recent data from the USDA, the corn crop is rated at 57 percent good to excellent, compared to 60 percent last week and 70 percent a year ago.  The soybean crop is rated 56 percent good to excellent, compared to 57 percent last week and 65 percent a year ago.
On June 13, Iowa Secretary of Agriculture, Bill Northey, announced that the USDA National Organic Program (NOP) has accepted a request made by the Iowa Department of Agriculture and Land Stewardship to grant a temporary variance to the NOP crop rotation requirement due to the recent rains and flooding in Iowa.  Northey recognizes that organic farmers are committed to organic requirements, such as not using pesticides and this temporary variance will not affect the integrity of the organic crops they produce this year.

All prices FOB price per bushel except where stated (trucking cost needs to be added)


                                             

June 14 08

May 2008

April 2008

     March  2008

   Feb 2008

Feed Grade Corn

10.73

10.49

10.26

10.37

10.07

Food Grade Soybeans

 

      29.72

28.59

29.25

26.29

Feed Grade Soybeans

 

23.41

26.79

25.33

22.73

Feed Grade Oats

 

 

 

5.75

5.05

Feed Grade Barley

8.43

 

8.00

8.05

7.92

Food Grade Wheat

 

 

25.00

16.98

17.14

Feed Grade Wheat

 

 

15.75

 

 

Feed Grade Rye

12.15

 

 

11.00

11.00

Feed Grade Peas

 

 

13.50

9.00

 

Organic Alfalfa – Good

 

190-200/ton

200/ton

 

 

Organic Alfalfa – Utility

 

125-135/ton

 

 

 

Eastern Cornbelt (Springfield, IL)
6/14/08
Compared to two weeks ago, organic grain and feedstuff prices were steady.  Trading activity was light for light to moderate offerings. Feed grade corn and soybeans prices were steady to firm.  Weather concerns with heavy rainfall for many areas in the Midwest supported prices.  Buying interest was moderate as dealers look to lock in new crop contracts. However, many producers elect not to lock in prices with the uncertainty of this year's crop.  Reports of new crop contracts for food grade Soft Red
Wheat ranging from 13.00 to 14.00 per bushel and Soft White Wheat ranging from 14.00 to 15.00 per bushel.  New crop feed grade soybeans from  24.00 to 25.00 per bushel.

All prices FOB price per bushel except where stated (trucking cost needs to be added)


                                             

6/14/08

May 2008

April 2008

March  2008

1st qtr 2008

Feed Grade Corn

10.13

10.04

9.91

10.27

9.82

Food Grade Wheat

 

21.53

 

14.50

14.57

Feed Grade Wheat

 

 

 

 

10.73

Food Grade Soybeans

 

 

24.41

 

24.05

Feed Grade Soybeans

 

26.75

 

26.21

22.45

Soybean meal/ton

 

 

 

1106

1008.25

Feed Grade Oats

4.93

5.68

6.00

5.32

 

Organic Alfalfa – Good

 

 

185/ton

 

 

Organic Grass Hay – Utility

 

 

125/ton

 

 

Hay Price 5/3/08


Northern CA -premium Alfalfa hay

270/ton

Eastern and Lake County Oregon -  premium Alfalfa

200/ton

Nevada – Premium Alfalfa

230/ton

Nevada – Fair Alfalfa

200/ton

May 2008 organic grain prices compared to February/April 2007


% Change

Eastern Corn Belt              April 07 to May 08

Corn

            54.02%

Soybean

101.76%

Soybean meal

71.89%

Wheat

115.45

Barley

16.67%

Oats

75.64%

 

Upper Mid West            Feb 07 to May 08

Corn

70.13%

Soybean

44.71%

Wheat

167.40%

Oats

69.12%

Barley

85.61%

Northeast Organic grain price 2005-2008


Year

12% CP Grain

16% CP Grain

18% CP Grain

2005

$    310

$    330

$    349

2006

$    350

$    380

$    395

2007

$    360

$    393

$    412

2008

$    547

$    588

$    608

% increase 2005-2008

73.22%

78.18%

74.21%

Located below are the links to latest organic price reports.
Upper Midwest Organic Grain and Feedstuff  http://www.ams.usda.gov/mnreports/nw_gr113.txt
Eastern Corn Belt Organic Grain Feedstuff  http://www.ams.usda.gov/mnreports/gx_gr120.txt
National Hay, Feed & Seed Weekly Summary  http://www.ams.usda.gov/mnreports/lswfeedseed.pdf