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September 16, 2011

(See attached file: PR 110916.pdf)(See attached file: PR 110916.xls)

Highlights:
  • Wheat futures traded lower this week, again closely following the corn market. USDA’s latest supply and demand report was bearish on corn and offered no support for wheat prices. Improved weather conditions in the mid-west eased concerns regarding the corn crop and have allowed excellent progress of the spring wheat harvest. MGEX saw the largest loss of the three, down 90 cents to close at $8.56/bu, likely influenced by the improved spring wheat harvest. CBOT lost 23 cents to end the week at $6.88/bu and KCBT ended at $7.84, down 26 cents. CBOT corn prices lost 34 cents this week to close at $6.92 and CBOT soy prices ended at $13.55, down 54 cents.
  • The USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) on Monday. Total supply estimates increased 7.7 MMT from last month to 871 MMT, 3 percent greater than last year’s supply. World production forecasts are 678 MMT for 2011/12, 6.0 MMT more than last month and 29.1 MMT greater than last year. Projected consumption is at 677 MMT, a record level for the fourth year in a row, thanks in part to a 13 percent increase in feed wheat demand. Feed wheat usage increased 2.2 MMT over August estimates and stands at 130 MMT. Ending supply estimates increased 5.5 MMT to 195 MMT, bringing forecasts above last year’s level of 193.3 MMT.
  • The ICE Dollar Index rose for the third week in a row amid continuing concern about the European debt situation, particularly in Greece. The index stood at 76.6 on Friday, up from 76.3 one week ago.
  • The Baltic Panamax Index fell this week due to decreased cargo activity caused by global economic concerns. The index stood at 1,541 on Friday, down from 1,685 a week ago.

File Name
PR 110916.pdf
PR 110916.xls
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