West Coast asking...

[farming101]

Basis backed off from Minneapolis/Duluth area is the worst it's been for the whole year.

On Wednesday PDQ said SE SK prices were around 292.14/t

MWU closed on Wednesday at $7.08 USD, $9.33 CAD, 339.26/t CAD

Here is the Wednesday chart using SAF reported prices which are a little lower than PDQ for SE SK

[farmaholic]

101....so I'm not looking at this correctly. Using West Coast quoted prices against local bids isn't accurate?

Too simple? Not accurate? No exchange. Its where the grain is headed in alot of cases but am sure there is some U.S. domestic destinations as well.


.........explain.

[farming101]

West coast actual sale prices or asking prices? Could be quite a spread

If buyers and sellers use the MGEX to hedge their transactions there is at least a bit of transparency

I have also mentioned once in a while the prices statscan reports through the International Trade Database. It's an average of all sales but a good indicator nonetheless.

[farmaholic]

West coast actual sale prices or asking prices? Could be quite a spread

spread could be either way, so why bother posting them?

[farming101]

It's an indicator of price direction

[bucket]

In a rising market with your closest competitor at the PNW posting prices....what do you people think the price is....maybe 10 bucks a tonne lower to take the business away from the PNW?

or are we still discounting like the other guys use to do?

[bucket]

If we report our seeded acreage to the trade .....and our production in timely fashion.....the trade should provide selling prices eventually.


If I ever became a politician I would quickly stop the practice of information sharing of only certain sectors of the ag economy.

Open market means it's transparent.

The only thing open is forced information gathering from farmers.

[farmaholic]

Someone will chime in and say, "does it matter what the basis is as long as you're happy with the price you received"? It is my job to capture as much of the sale price as possible, no one will "give" me more than they have to and unless I have a way of knowing what it's selling for I am left in the dark guessing. I want to maximize my returns based on accurate information, not guessing. Is comparing Sask bids to Minni even accurate? Assuming everyone "hedged" their transaction? I guess the best we can do is make decisions based on the information we have and "understand".

[bucket]

Maybe someone can post a graph or chart.....funny hey farmaholic....to show how quick the wheat price fell after hitting 20 bucks

[MBgrower]

Stupid fed govt, more worried about regulating $50/month cable and cell bills but no word on ensuring farmers receive correct market signals. Dog and pony show.