Weekly grain report

Byron Behne watches the international grain markets for the Odessa Union Warehouse.

10/25/12: Wheat prices fell Thursday as traders took profits off the previous day’s rally on confirmation of the Ukraine banning exports in mid-November. Export sales of wheat for last week totaled 21 million bushels, which was decent and most likely due to that business to the unknown destination done at the end of the week. New crop white wheat prices are at the strongest basis levels that I've ever seen for this time of year, with Portland currently 5 cents under September Chicago futures.

10/26/12: The grain markets closed the week quietly with continued profit-taking off of Wednesday’s highs. Wheat prices remain constrained within their 3-month pattern. There isn’t much on the horizon besides the Presidential election and the November 9 USDA supply-and-demand report.

10/30/12: Not much news outside of the hurricane the past few days, and the grain markets have drifted slowly lower. Egypt is in to buy tonight for the first time in quite awhile. If the U.S. isn’t at least competitive versus the rest of the world, let alone does any of the business, we’re probably looking at some further downside.