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November 22, 2013
  • Wheat futures closed mixed this week. Spillover strength in the corn market and an unexpected sale to Egypt pushed SRW contracts higher. HRW contracts increased early in the week when a USDA progress report indicated deteriorating winter wheat conditions. But crop boosting rain late in the week pushed HRW and HRS markets lower. A large HRW crop would depress HRS demand. Australian production concerns pushed all three futures markets higher on Friday. CBOT December closed 4 cents higher at $6.49/bu. KCBT and MGEX December each dropped 4 cents to close at $6.95/bu and $6.96/bu, respectively. CBOT December corn added 1 cent to $4.23/bu and CBOT January soybeans climbed 39 cents to $13.19/bu.
  • Rain slowed harvest progress in Australia this week, adding to existing concerns about the quality of the new crop.
  • USDA reported weekly net sales of 618,100 MT for the week ending November 14, exceeding trade expectations of 375,000 to 475,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat for the 2013/14 marketing year were 21.8 million metric tons (MMT), 37 percent greater than last year's year-to-date total of 15.9 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 29.9 MMT.
  • USDA said private exporters reported the sale of 110,000 MT of SRW to Egypt. The purchase was unexpected by most analysts and pushed futures higher on Wednesday.
  • On Monday, USDA downgraded the percentage of the winter wheat crop rated in good or excellent condition from 65% to 63%, compared to 34% last year at this time. It increased the percentage rated poor or very poor from 5% to 7%, which is down from 24% last year.
  • The Baltic Panamax Index fell for the fifth consecutive week from 1,409 last Friday to 1,362. The end of the year rally that vessel owners anticipated has failed to materialize due to limited demand.
  • The US Dollar Index fell from 80.90 to 80.75

File Name
PR 131122.pdf
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