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MN Wheat Weekly Wheatsource

MN Wheat Weekly Wheatsource

November 11, 2020

US Wheat Price Report (Claire Hutchins, US Wheat Associates)

  • Broader strength in the U.S. grains complex on a weaker U.S. dollar (see below) supported all wheat futures prices week-over-week. CBOT soft red winter (SRW) futures increased 3 cents on the week to end at $6.02/bu. KCBT hard red winter (HRW) futures added 14 cents to close at $5.55/bu. MGE hard red spring (HRS) futures gained 5 cents to end at $5.57/bu. CBOT corn futures added 8 cents to close at $4.07/bu. CBOT January soybean futures jumped 45 cents to end at $11.01/bu.

Commercial Sales

  • This week’s commercial sales of 597,000 metric tons (MT) for delivery in 2020/21, as of Oct. 29, were down 20% from last week’s 743,000 MT but in line with trade expectations of 200,000 MT to 700,000 MT. Year-to-date commercial sales now total 16.8 million metric tons (MMT), 12% ahead of last year’s pace. USDA expects the United States will export 26.5 MMT in 2020/21, up 1% from last year, if realized

U.S. Drought Monitor

  • This week, beneficial precipitation alleviated dryness in southern Kansas and northern and central Oklahoma. However, extreme dryness persists in eastern Colorado, northwestern Kansas, the Nebraska Panhandle, eastern Wyoming and across the Northern Plains. Looking ahead, dry windy weather is expected across the Southern Plains and moderate to heavy snow across the Northern Plains.

Industry News (MN Farm Bureau Federation Weekly Impact Update)

Election Update

  • In Minnesota, the state legislature experienced a ripple of changes but not a wave large enough to alter control of the DFL-led House or the Republican-led Senate. Minnesotan’s again voted in a divided government, the only in the nation, and the fourth cycle in Minnesota politics. It also means both parties will be involved in drawing the redistricting map which sets congressional and legislative seat boundaries for the next 10 years.
  • The 2020 results remain unofficial. The State Canvassing Board will meet on November 24, 2020 to certify the official results report for the November 3, 2020 State General Election.
  • At the federal level, Democrats retain control of the House of Representatives, although Republicans picked up seats. Control of the Senate is still unclear, with 2 Georgia Senate seats heading to a run off in January.
  • Eyes remain on the leadership of the federal Agriculture Committees. With Chairman Peterson’ defeat, three of the Chairs and ranking members from the last Congress will not be returning setting up various scenarios of what the next set of leadership could look like.

Special Session VI

  • Governor Tim Walz announced that he will convene a special session of the Minnesota Legislature beginning on Thursday, November 12, 2020. Amid climbing COVID-19 cases, hospitalizations, and deaths, Governor Walz intends to extend the COVID-19 peacetime emergency by 30 days to ensure that the state can continue to quickly respond to the pandemic.