Small Grains Quarterly Snapshot

Small Grains Quarterly Snapshot

Well even though we have to go without the USDA's crop production and WASDE reports that had been scheduled for release tomorrow before government shutdown caused that not to happen -- today we do have quarterly commodity updates compliments of Northwest Farm Credit Services.

Northwest FCS Vice President of Market Research and Development Michael Stolp shares details from the third quarter results of the Small Grains Market Snapshot.

Stolp: "The Northwest wheat growers face a changing market place. Wheat markets face a downside pressure from a record 2013-14 U.S. corn crop that will generally pressure grain prices and reduce the amount of wheat used as feed. Although U.S. wheat supplies are forecast lower for the season, a record-breaking world wheat crop is expected to increase competition for exports from nearly all major foreign wheat importers. Overall Northwest wheat producers are expected to be profitable in 2013. Exceptions include producers not mitigating crop losses with crop insurance or those with quality issues not covered by insurance."

The Market Snapshot gives additional information about about quality issues as select areas of Idaho and parts of Eastern Washington had problems with low falling numbers. And although harvest rains were problematic for some, the moisture did create favorable winter wheat seeding conditions. Overall the winter wheat seeding progress is near or slightly ahead of the four-year average.

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