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Soft White Wheat Analysis
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Soft White Wheat Analysis Soft White Wheat Analysis Presentation Transcript

  • Pacific Northwest Soft White Wheat Historical Spread Analysis
    Data:
    USDA Agricultural Marketing Service – Portland, OR
    Chicago Board of Trade
    Analysis:
    Drew Lein, Global Risk Management
    August 18th, 2010
  • PNW cash wheat and Chicago futures markets directionally follow one another
    The difference between the two prices is referred to as the spread or basis.
    When PNW Price > Chicago Price, basis is at a premium.
    When PNW Price < Chicago Price, basis is at a discount.
  • View slide
  • Why the record high premiums in 2007?
    Record decline in White Wheat ES.U
    combined with decline in All Wheat ES/U
    View slide
  • PNW Cash prices recently have traded well below
    historical relationships to Chicago Futures and
    are currently at a discount.