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December 6, 2013
  • Wheat futures closed lower this week on news that Canada’s record crop will be even larger than previously expected. Weak U.S. commercial sales added pressure to the market. Declines were limited by threats to the winter wheat crop caused by freezing temperatures in many parts of the country and by a smaller than expected production estimate from the Argentine government. KCBT December wheat fell 8 cents on the week to $7.05/bu. CBOT December wheat lost 18 cents to $6.37/bu and MGEX fell 21 cents to $6.66/bu. CBOT December corn added 9 cents to $4.24/bu and CBOT January soybeans dropped 11 cents to $13.26/bu.
  • Statistics Canada raised its 2013/14 production estimate this month from 33.0 MMT to 37.5 MMT, a new record high.
  • Argentina’s Agriculture Ministry released an updated 2013/14 production estimate of 8.5 MMT in its monthly crop report this week, compared to 2012/13 production of 8.2 MMT. (USDA put Argentina’s 2012/13 crop at 9.5 MMT.) USDA and IGC both project Argentina’s 2013/14 production at 11.0 MMT.
  • In its weekly Export Sales Report, USDA reported net sales of 229,200 MT, a marketing-year low and well below trade expectations of 450,000 to 550,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat for the 2013/14 marketing year, through November 28, 2013 were 22.6 million metric tons (MMT), 37% greater than last year's year-to-date total of 16.5 MMT.
  • The Baltic Panamax Index increased significantly in the last two weeks. The index closed at 1,923, up 41% from 1,362 two weeks ago. Strong U.S. grain exports helped support the market.
  • The US Dollar Index fell from 80.75 two weeks ago to 80.32.

File Name
PR 131206.pdf
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