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February 6, 2015
  • Wheat futures closed higher this week on diminished winter crop conditions, political concerns in Ukraine and a new Russian wheat export tax. Beneficial rain and snow in the U.S. plains and weak export demand limited gains. Abundant global wheat supply and a strong U.S. dollar continue to loom over markets. CBOT March contract posted its first weekly gain in seven weeks, closing 24 cents higher at $5.27/bu. KCBT added 22 cents to $5.62/bu and MGEX gained 20 cents to $5.77/bu. CBOT March corn added 16 cents to $3.86/bu and CBOT March soybeans closed 13 cents higher at $9.74/bu.
  • Current HRS price indications are for Northern Spring only. Premiums for Dark Northern Spring will vary. SRW indications are for a minimum falling number of 250. Higher minimum specifications will carry a premium.
  • USDA downgraded U.S. winter wheat conditions in several states this month, citing dry conditions. In top producer Kansas, the percentage of the crop rated good or excellent fell by 3 to 46%. In Oklahoma, just 41% of the crop is rated good or excellent, compared to 54% in December.
  • Informa Economics raised its 2014/15 Argentine production forecast by 500,000 metric tons this week to 12.5 MMT. If realized, it would be 19% greater than 2013/14 but below the 5-year average of 12.9 MMT.
  • According to USDA's Export Sales Report, weekly net sales of 397,600 metric tons for delivery in the 2014/2015 marketing year were down 27% from the previous week and within trade expectations of 300,000 to 500,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat through January 29, 2015 were 20.3 MMT, 24% lower than last year's year-to-date total of 26.7 MMT. USDA forecasts 2014/15 U.S. wheat exports to reach 25.2 MMT.
  • The Baltic Panamax Index closed this week at 430, down sharply from last week at 508.
  • The US Dollar Index closed this week at 94.80, mostly unchanged from last Friday‚Äôs 94.84.

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PR 150206.pdf
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