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November 7, 2014
  • After closing higher on Monday, U.S. wheat futures posted four straight losses this week. A stronger U.S. dollar and early-week weakness in corn and soybeans pushed futures lower. Disappointing export sales also added pressure to wheat. Futures found support from concerns that global supplies of high quality milling wheat are limited. CBOT December wheat fell 3 cents to $5.15/bu, KCBT lost 25 cents to $5.69/bu and MGEX dropped 21 cents to $5.46/bu on Friday. CBOT December corn added 15 cents to $3.68/bu and CBOT November soybeans gained 63 cents to $10.40/bu.
  • Informa Economics lowered its estimate of Australia's 2014/15 wheat crop to 22.0 MMT, down 1.9 MMT from last month, citing dry October weather. USDA’s October estimate for Australian production was 25.0 MMT.
  • According to USDA’s weekly Export Sales Report, net sales of 265,800 metric tons for delivery in the 2014/2015 marketing year were down 40 percent from the previous week and below trade expectations of 325,000 to 525,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat, through October 30, 2014 were 15.4 MMT, 26% lower than last year's year-to-date total of 20.9 MMT.
  • The Baltic Panamax Index closed at 1,183 on Friday, down from 1,233 last week.
  • The US Dollar Index closed higher this week at 87.75, up from 87.02.

File Name
PR 141107.pdf
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