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October 18, 2013
  • U.S. wheat futures closed at a four-month high on Friday due to strong global demand and production concerns in Argentina. Favorable crop weather in the southern U.S. Plains pressured prices mid-week but the resulting lower futures spurred bargain buying on Thursday. CBOT December wheat added 14 cents to close at $7.06/bu on Friday. KCBT gained 9 cents to $7.69/bu and MGEX increased 6 cents to $7.60/bu. CBOT December corn closed 8 cents higher at $4.42/bu and CBOT November soybeans gained 25 cents to $12.91/bu.
  • High barge and rail freight costs and limited elevation capacity account for the inverse basis levels at the Gulf.
  • Argentina's agriculture ministry on Thursday forecast that the country's wheat crop will be 8.8 MMT, well below the U.S. Agriculture Department's estimate of 12.0 MMT.
  • In its weekly report, USDA reported export wheat sales of 837,800 MT, which was on the high end of analysts’ estimated range of 550,000 to 850,000 MT. Total wheat sales were estimated at 1.55 MMT during the 2.5 weeks in which USDA suspended its daily and weekly export sales reports.
  • The Baltic Panamax Index rose from 2,024 last Friday to 2,060, a new high for the year. Firm demand in the dry bulk market across all sectors and and continued demand for Chinese steel imports supported the index.
  • The US Dollar Index fell from 80.46 last Friday to 79.7.

File Name
PR 131018.pdf
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