CROPS

In the last week, the market has added $14 million or more in value to this summer's Walla Walla County wheat crop. White wheat for delivery to Port- land, Ore., at harvest was worth $6.65 to $6.85 just more than a week ago on June 15. As of Tuesday morning June 26, bids for the same wheat were between $7.45 and $7.50.

Who to thank? The hot weather in the Midwest that is stressing the corn crop.

Weather models con- tinue to forecast hot and dry weather for much of the Midwest. Parts of the Eastern corn belt -- Illinois, Indiana, and Ten- nessee along with Texas -- have missed measur- able rains for a record setting 21 days and crop conditions have declined rapidly. The triple-digit temperatures forecasted for this week could break record highs set back in 1934! On the other hand, there are many very large corn producing states that have seen corn crop con- ditions improving. Min- nesota, North Dakota and Iowa have been getting better and are not stressing over the next 10 days of weather, although beyond that could be problematic.

While the Pacific Northwest is not taking part in this crop-damag- ing scenario and the real problem is not for wheat, but corn and soybean crop damage, we are direct beneficiaries of the market effect. Nationally, winter wheat harvest is rolling along quickly at 59 percent complete, which is the quickest harvest in more than 20 years (the same hot and dry weather is perfect for harvesting). The dry parts of the Pa- cific Northwest will not be getting serious about harvest for another couple of weeks at the earliest, and Walla Walla County is not even close to ready.

The next two to three weeks will tell most of the story, so hang on to your hats, this could be inter- esting!

Information and opinions contained herein come from sources believed to be reliable, but are not guaranteed as to accuracy or complete- ness. The risk of loss in trading futures and/or op- tions is substantial. Each investor must consider whether this is a suitable investment. When trading futures and/or options, it is possible to lose more than the full value of your account. All funds committed should be risk capital.