November 20, 2012
Not much to report today with the disinterest in the markets due to the short holiday week. Chicago finished up just over two points at the morning close. Weather and the longshoremen talks will continue to be the buzz amongst the traders.
It was reported in today’s Oregonian that the longshoremen at the Portland container yard have been billing one of the ocean shipping lines, Hanjin, for lost wages. That is, every time an electrical union worker plugs in or unplugs a container at the dock the longshoremen consider that a lost work hour. It was reported that the total wages billed to date are over $ 700,000! Hanjin has indicated in no way will they pay. First of all they do not hire any union labor at the port; a private company who operates the port for the city hires the union labor. What happen is the shipping lines will stop calling on Portland.
In Monday’s crop progress report, Hard Red Wheat conditions declined further to 23% good/excellent, 46% fair, and 31% poor/very poor. These are the worst numbers since the USDA began this measure in 1987. In parts of Kansas, Oklahoma, and Nebraska, the rainfall totals this year are the lowest since records began to be kept in 1895! Our soft white ratings were as follows: 60% good/excellent, 38% fair, and only 2% poor/very poor. The wheat in that last category is swimming for its life after yesterday’s rainfall. A week ago in the PNW, the good/excellent rating was 73%.
Wilco-Winfield LLC
200 Industrial Way-P.O. Box 258 | Mt. Angel, OR 97362
Phone 503-569-0186 |Fax 503-845-9580
mwilhoit@wilco.coop | www.wilco.coop
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