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June 5, 2009

(See attached file: PR090605.pdf)(See attached file: PR090605.xlsx)
  • Futures finished down from last Friday’s close in what was a volatile week for the markets. Prices rallied early in the week with fund buying, but were pushed down mid-week by profit-taking and the U.S. dollar rally. July CBOT wheat futures closed 14 cents/bu lower at $6.23/bushel. July KCBT futures dropped 12 cents/bu, finishing at $6.86/bushel. MGE futures saw the largest drop, closing 29 cents/bu down from last week at $7.46/bushel. Soybeans gained 42 cents/bu on the week, closing at $12.26/bushel and corn gained 7 cents/bu to finish the week at $4.44/bushel.
  • Forty-five percent of the winter wheat crop was rated in either good or excellent condition, unchanged from the previous week. Spring wheat plantings are 89 % complete, which is below the 5-year average of 98%. USDA reported 73 % of the spring wheat crop is in good or excellent condition, up from 57% this time last year.
  • The dollar ICE index continued down early in the week on strong economic data, closing on Tuesday at its lowest point since late September. The dollar did rally at the end of the week to finish at 80.50, up 2% over last week’s close, after gaining ground on the Euro when the European Central Bank decided to keep interest rates unchanged. Asian officials also helped boost the dollar, saying they would continue to purchase U.S. treasuries even if the U.S. credit rating was downgraded.
  • New crop sales for delivery in 2009/10 totaled 177,000 MT, down 22% from last week. Combined old crop and new crop sales of 265,400 MT did fall within market expectations. New crop sales were primarily for Peru (40,000 HRW), Mexico (33,241 HRW, 900 SRW), Taiwan (16,100 HRW, 14,250 HRS, 3,200 white), Italy (20,000 durum) and Panama (3,100 HRW, 11,850 HRS, 4,350 SRW).
  • Freight indices climbed to a new 8-month high early in the week, but came back down on Thursday and Friday. The Baltic Panamax Index closed at 3,252, up 12% from last week’s close of 2,900. The Atlantic/Gulf to Asia component of the BPI closed 10% up from the previous week at 35,850, while the Pacific/Asia component was up 15% closing at 23,759.

File Name
PR090605.pdf
PR090605.xlsx
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