USW of FacebookUSW on TwitterUSW on YouTube
May 17, 2013


(See attached file: PR 130517.pdf) (See attached file: PR 130517.xls)

Highlights:
  • All three nearby wheat futures contracts dropped this week due to technical selling and improved weather conditions. Drier weather in the Midwest SRW region boosted crop development and showers in parts of the drought stricken HRW area enhanced production potential. MGEX losses were limited by the slow planting pace, particularly in North Dakota. A firm U.S. dollar added further pressure on wheat futures. CBOT July wheat dropped 21 cents to $6.83/bu and KCBT July wheat fell 22 cents to $7.37/bu. MGEX lost 5 cents to close the week at $8.04/bu. CBOT July corn added 17 cents to close at $6.53/bu and CBOT July soybeans closed at $14.49/bu, a 50 cent gain. Tight U.S. supply of old-crop corn and soybeans and slow planting progress supported futures this week.
  • Forecasts for rain in key crop production areas of Russia added further pressure to wheat futures this week. Serious drought conditions in both Russia and Ukraine are threatening yield potential. USDA expects 2013/14 production in both countries to far exceed last year.
  • USDA reported spring wheat planting as 43 percent complete this week, well behind 92 percent complete last year at this time and the five-year average of 63 percent. Forecasts for improved planting weather pressured MGEX contracts on Tuesday. However, declines in MGEX spring wheat were limited later in the week by concerns that slow planting could reduce yields.
  • The Baltic Panamax Index fell for the fourth straight week, down from 994 last week to 930 on Friday. Vessel capacity continues to far exceed freight demand and weighed on the index this week. Maritime Research's Grain Freight Index fell from 489.6 to 481.9.
  • The US Dollar Index increased this week from 83.20 to 84.39, a 1 percent gain.

File Name
PR 130517.pdf
PR 130517.xls
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 (http://commoncrawl.org/faq/) - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse