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September 9, 2016
  • US wheat futures climbed slightly higher this week on short covering and optimism that overseas buyers will soon turn to US supplies amid a shortage of quality wheat in the world. Chicago futures rose 3 cents per bushel, Kansas City futures rose 7 cents per bushel, and Minneapolis futures rose 3 cents per bushel. Wheat futures remain near ten year lows due to a glut of world supplies. Chicago corn futures rose 13 cents per bushel and Chicago soybean futures rose 28 cents per bushel, both on healthy export demand thanks to poor quality crops in South America boosting demand for US old crop supplies.
  • Analysts predict that India will import wheat this year after stocks fall to near 10 year lows.
  • Early reports from the Canadian harvest indicate issues with vomitoxin an low protein.
  • The German wheat harvest is reported to be in better quality than earlier expected after numerous delays in the harvest due to rain. Supplies in northern areas are repored to of acceptable quality.
  • A trading house in Romania declined to deliver a 63.0 TMT cargo of wheat to Egypt after Egyptian inspectors repeatedly refused to allow wheat to be loaded due to the presence of ergot.
  • Buyers in Asia are increasingly turning to Australian wheat supplies as Australian prices have fallen to the point where they are now competitive against Black Sea supplies.
  • Traders are predicting increased demand for US wheat in the coming months as reports indicate poor quality and low protein for many competitors' crops. EU's milling wheat production is expected to fall 12 percent compared to last year. Lower than average protein has been reported in Russia and Canada.
  • The Baltic Dry Index surged 80 points this week to 792, its highest level since last October, on increased demand for larger vessels.
  • The US Dollar Index was mostly stable this week, falling 0.54 points to 95.34.

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