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October 23, 2015
  • Wheat futures markets closed lower this week with KCBT and MGEX hitting their lowest points since mid-September due to pressure from a stronger U.S. dollar, which climbed to a two-month high on Friday. Much-needed precipitation falling in the U.S. southern Plains, Russia and Ukraine eased concerns about wheat germination and emergence. However, Monday’s decrease in ABARES, the Australian Bureau of Agricultural and Resource Economics and Sciences, wheat production estimates from 25.3 MMT down to 24.0 MMT, due to below average rainfall in major wheat growing regions, lent limited support. CBOT December wheat lost 2 cents to close at $4.90/bu, KCBT wheat dropped 8 cents to $4.75/bu and MGEX wheat fell 4 cents to $5.08/bu. CBOT December corn increased 3 cents to $3.80/bu and CBOT November soybeans decreased 3 cents to $8.95/bu.
  • Current HRS price indications are for Northern Spring. Dark Northern Spring is available, but premiums vary. SRW indications are for a minimum falling number of 250. Higher minimum specifications will carry a premium.
  • Continued support from corn and soybean shipments, maintained basis levels in the Gulf this week, while increasing interest from Asian countries lent support to the PNW basis.
  • In its Oct. 19 crop progress update, USDA reported winter wheat planting is 76% complete, up from 64% last week, with winter wheat emergence at 49%. Both emergence and planting are on pace with the respective 5-year averages.
  • USDA’s weekly Export Sales Report showed net sales of 357,500 MT for delivery in marketing year 2015/16, which were down 22% from the previous week, but up 29% from the prior 4-week average and within trade expectations of 300,000 to 500,000 MT. Total known exports and outstanding sales for delivery in 2015/16 are 12.2 MMT, 17% lower than last year's year-to-date total of 14.7 MMT.
  • The 2015 Regional Crop Quality reports for all six classes can be found at The complete U.S. Wheat Associates Crop Quality report will be available on Monday, Oct. 26 at
  • The Baltic Panamax Index closed at 786 on Friday, up 4% from 754 last week.
  • The Dollar Index closed at 97.14, up 3% from 94.60 last Friday.

File Name
PR 151023.pdf
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