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April 9, 2009

(See attached file: PR 090409.pdf) (See attached file: PR 090409.xlsx)

Highlights:
  • Futures traded sharply lower this week on spillover pressure from outside markets. The hard freeze that covered most of the HRW region supported prices early in the week but was outweighed by heavy fund selling and a stronger dollar. For the week, nearby CBOT wheat futures finished 42 cents/bu lower, KCBT was down 37cents/bu and MGEX ended 27 cents/bu lower at $6.44/bushel. Soybeans closed the week up 12 cents/bu while corn finished 14 cents/bu lower at $3.90/bushel.
  • The U.S. Department of Agriculture reported that 43 percent of the winter wheat crop was in good to excellent condition, down from 45 percent this time last year. A dry autumn and winter have contributed to the deterioration of the crop. Conditions were further compromised by late frosts in Kansas, Oklahoma, Colorado and Nebraska where overnight temperatures dipped into the teens.
  • USDA made minor adjustments to U.S. wheat supply and demand in this month’s WASDE release, but changes were mostly in line with trade expectations. Carryout stocks were lowered 440,000 metric tons (MT) to 18.95 MMT due to an upward adjustment of 544,300 MT to feed/residual use. World carryout was increased 2.3 MMT due to larger than expected stocks in Canada and the EU. USDA will begin including monthly forecasts for MY 2009/10 in its May report.
  • Export prices were lower this week due to sharp losses in the futures market. Sluggish export demand, and ample barge availability has kept basis values stable over the past few weeks.
  • U.S. export sales declined 15 percent from last week to 189,400 MT. Primary buyers were Nigeria (92,000 MT), Philippines (26,200 MT) and Japan (14,200 MT).
  • Major freight indices moved lower this week with the Baltic Dry Index closing at 1478, down from 1538 a week earlier. The Baltic Panamax index closed at 1144, down from 1186 last week but has more than doubled since the start of the year.

File Name
PR 090409.pdf
PR 090409.xlsx
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