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November 14, 2014
  • U.S. wheat futures closed higher all five days this week and posted its largest weekly gain in two years. Unseasonably cold weather in the U.S., Russia and Ukraine pose a winterkill threat to winter wheat ahead of dormancy, which boosted futures. USDA’s monthly WASDE update was supportive to wheat, lowering U.S. production and carryout projections and global production estimates. Strong U.S. export sales and renewed political tensions between Russian and Ukraine pushed futures higher. CBOT December wheat gained 46 cents to $5.60/bu, MGEX added 43 cents to $5.89/bu and KCBT closed 36 cents higher at $6.05/bu. CBOT December wheat added 14 cents to $3.82/bu and CBOT November soybeans dropped 12 cents to $10.28/bu.
  • Current HRS price indications are for Northern Spring only. Premiums for Dark Northern Spring will vary. SRW indications are for a minimum falling number of 250. Higher minimum specifications will carry a premium.
  • Unseasonable cold in the U.S. Midwest and Plains this week is likely to halt early crop growth and any late planting, and may pose a winterkill threat in a few areas.
  • In its monthly supply and demand update, USDA lowered its 2014/15 U.S. wheat carryout projection by 270,000 MT to 17.8 MMT and its U.S. production estimate by 260,000 MT to 55.1 MMT. USDA also lowered projected global production by 1.2 MMT to 720 MMT, which would still be a new record.
  • USDA reported weekly commercial sales of 417,700 MT for delivery in the 2014/2015 marketing year, up 57% from the previous week and above trade expectations for 250,000 to 400,000 MT.
  • FranceAgriMer lowered its forecast for French 2014/15 soft wheat ending stocks to 4.3 MMT, from 4.4 MMT last month, due to a rise in export projections.
  • The Baltic Panamax Index closed at 1,089 on Friday, down from 1,183 last week.
  • The US Dollar Index closed lower this week at 87.62, down from 87.75.

File Name
PR 141114.pdf
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