U.S. wheat production numbers,Futures contract for Hard Winter Wheats !

[megimoo]

"For all of those Nebraska wheat farming multi-millionaires !"

20 cent incentive for hard winter wheat
It appears the market had its shot at higher wheat prices and missed. Oklahoma and Texas prices peaked in October at about $4.80 per bushels. Current cash prices are in the neighborhood of $3.45 to $3.50 per bushel.

Grains inspected for export for week ending April 17: Wheat totaled 22.4 million bushels, up 8.1 million bushels; corn 36.2 million bushels, down 11.3 million bushels; sorghum 7.3 million bushels, up 3.6 million bushels and soybeans 19.7 million bushels, up 3.5 million bushels compared to a week ago. Year to date: Wheat totaled 1104.9 million bushels up 329.0 million; corn 1609.0 million bushels up 263.8 million; sorghum 219.3 million bushels up 124.7 million and soybeans 891.3 million ...

The United States Department of Agriculture's National Agricultural Statistics Service released updated U.S. wheat production numbers that show the 2007 U.S. winter crop at 1.610 billion bushels, just under the 1.616 billion forecasted in May and towards the low end of the 1.590 billion to 1.685 billion range of estimates. Overall, the numbers show the effect of April's Easter week freeze on the crop but the figures are still much larger than last year's drought damaged crop. The average yield is seen at 43.2 bushels per acre (bpa), compared to the 43.5 bpa predicted in May and the 2006 final of 41.7 bpa. 2007 harvested area is pegged at 37.222 million acres, compared to the 2006 figure of 31.117 million.


Wheat Futures & Options - Open Outcry  « Back
Futures contract for Hard Red Winter Wheat !

COMMODITY: Hard Red Winter Wheat Futures
(Trade commenced 1876)
The Market: Kansas City Board of Trade.

Contract Unit: 5,000 bushels.
Ticker Symbol/ Quotation Symbol: KW.
Delivery Months: July, September, December, March, May.
Price Quotation: Dollars, cents and 1/4-cents per bushel.
Minimum Price Fluctuation: 1/4 cent ($12.50 per contract).

Market signals indicate June 2003 wheat prices in Oklahoma and Texas will be around $3 per bushel.

The $3 is derived from the Kansas City Board of Trade July wheat contract price. At this writing, the KCBT July wheat contract price is about $3.40 per bushel. The average June basis is about a minus 35 cents, thus the expected price, using the KCBT July wheat contract, is $3.05 ($3.40 - $0.35 = $3.05).

Some producers are taking advantage of the new hard white wheat incentive program (HWWIP) that may add 20 cents per bushel to their price. This program was announced in the Federal Registry on Feb. 3, 2003 and will be administered by the Farm Service Agency for the 2003 crop year through the 2005 crop year.

The goal of the program is to increase the bushels of hard white wheat. The general belief is that there is a market for U.S. hard white wheat in Southeast Asia and Northern Africa. All that is needed, it is believed, is sufficient quantities of hard white wheat.

To qualify for the 20 cent per bushel payment from FSA, producers must produce and deliver U.S. No. 2 hard white winter or hard white spring wheat. The wheat must be used for export or domestically used for flour or seed.

The wheat cannot be used for feed.

Sign-up for the 2003 hard white wheat incentive program was scheduled to begin March 3, 2003. Producers will receive an incentive of 20 cents per bushel for up to 60 bushels per acre.

The hard white wheat must be U.S. No. 2 or better. U.S. No 3 grade or lower wheat will not qualify for the incentive program. Producers who use certified seed may also receive an additional $2 per acre.

The hard white wheat incentive program is based on no more than 2 million acres in the United States. Reports indicate that 327,227 acres were planted for the 2002 crop and 677,513 acres have been planted for the 2003 crop.

Kansas producers planted the most acres at 325,000, compared to 100,000 acres in 2002. Colorado was second with 127,070 acres, compared to 75,200 acres in 2002.

Oklahoma's hard white wheat acres increased from 3,975 acres in 2002 to 30,000 acres in 2003. Texas had 205 acres in both 2002 and 2003.

http://southwestfarmpress.com/mag/farming_cent_incentive_hard/

[Lord Undies]

"Thank you, Moo, for that farm report.  Now back to Barbara Jean for a look at what's hot this canning season."

[Lauri]

"Thank you, Moo, for that farm report.  Now back to Barbara Jean for a look at what's hot this canning season."

 



in other news.. my soon to be son in law comes from a wheat farming family. they are making big, big bucks this year and just wrote a contract for the summer wheat they will harvest in August.. being farmers though, they know the prices will fall again.

the circle of life... such as it is.

[franksolich]

Well now, in defense of farm reports, that is actually pretty illuminating.

Probably nobody here knows much about farming, which includes myself, but it gives an insight, a brief glimmer, into the world of farming, specifically, how bureaucrats in Washington, D.C. determine what is grown, rather than farmers.

Individual farmers of course are free to grow what they wish to grow, but like all other people, from the civilized bankers to the primitives and sub-primitives, farmers tend to do whatever they think will bring the most profit (if a profit at all), and government subsidies and taxes are part of that strategy.

Farmers are human, too; everybody, not only farmers, wants to make money.

For the record, farmers in America have not had a good year since.....1916, and it's long overdue, if it ever comes.

[Lauri]

Well now, in defense of farm reports, that is actually pretty illuminating.

Probably nobody here knows much about farming, which includes myself, but it gives an insight, a brief glimmer, into the world of farming, specifically, how bureaucrats in Washington, D.C. determine what is grown, rather than farmers.

Individual farmers of course are free to grow what they wish to grow, but like all other people, from the civilized bankers to the primitives and sub-primitives, farmers tend to do whatever they think will bring the most profit (if a profit at all), and government subsidies and taxes are part of that strategy.

Farmers are human, too; everybody, not only farmers, wants to make money.

For the record, farmers in America have not had a good year since.....1916, and it's long overdue, if it ever comes.

i know farming is not an easy life at all.. but when the govt stops paying farmers NOT to produce, then we have a bigger problem going on.

President Bush gave some much needed advice about using the local farmers in your area to help keep prices down and he's right. the transportation costs are much lower, so the prices are lower. what amazes me is here in our state, for reasons unknown, they stopped buying locally at the Safeway's and Fred Meyer's grocery chains and started importing fruit from Chili and other various countries. maybe if the huge grocery store chains would use local growers more, our prices would come down, but its not always easy to hit a farmers market in your daily grind. especially with growing kids who chew through the food faster than you anticipated..

[megimoo]

Well now, in defense of farm reports, that is actually pretty illuminating.

Probably nobody here knows much about farming, which includes myself, but it gives an insight, a brief glimmer, into the world of farming, specifically, how bureaucrats in Washington, D.C. determine what is grown, rather than farmers.

Individual farmers of course are free to grow what they wish to grow, but like all other people, from the civilized bankers to the primitives and sub-primitives, farmers tend to do whatever they think will bring the most profit (if a profit at all), and government subsidies and taxes are part of that strategy.

Farmers are human, too; everybody, not only farmers, wants to make money.

For the record, farmers in America have not had a good year since.....1916, and it's long overdue, if it ever comes.

Thank you Frank you are much kinder than that other critter.My intent wasn't so much a farm report but a small lesson in the futures markets and how much they control what we pay for foodstuff !Most people have little interest in how money is made in markets and where the prices will be heading if vast amounts of grain stuff is exported to foreign markets.
For example the entire winter hard wheat harvest for the next following two years has been sold on the futures markets already this year and will drive the price higher for the following year .

[Odin's Hand]

The Summer Wheat crop is looking just fine as well. Just drove through acres upon acres of the stuff and it is real hearty as of now.

[Lord Undies]

Well now, in defense of farm reports, that is actually pretty illuminating.

Probably nobody here knows much about farming, which includes myself, but it gives an insight, a brief glimmer, into the world of farming, specifically, how bureaucrats in Washington, D.C. determine what is grown, rather than farmers.

Individual farmers of course are free to grow what they wish to grow, but like all other people, from the civilized bankers to the primitives and sub-primitives, farmers tend to do whatever they think will bring the most profit (if a profit at all), and government subsidies and taxes are part of that strategy.

Farmers are human, too; everybody, not only farmers, wants to make money.

For the record, farmers in America have not had a good year since.....1916, and it's long overdue, if it ever comes.

Thank you Frank you are much kinder than that other critter.My intent wasn't so much a farm report but a small lesson in the futures markets and how much they control what we pay for foodstuff !Most people have little interest in how money is made in markets and where the prices will be heading if vast amounts of grain stuff is exported to foreign markets.
For example the entire winter hard wheat harvest for the next following two years has been sold on the futures markets already this year and will drive the price higher for the following year .

Oh, crawl down off the Judas Cradle, St. Moo.  I stirred up a little interest in your thread.  It had been sitting almost a hour without any attention.  You should really thank me.