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April 10, 2015
  • U.S. wheat futures closed lower this week. Record global supplies at competitive prices continue to limit U.S. exports and pressure futures. Favorable growing conditions in the Black Sea region and a 2% rebound in the U.S. dollar index also weighed on markets. Dry conditions in the U.S. plains and a reduction in crop conditions underpinned futures. CBOT May wheat dropped 10 cents to $5.27/bu. MGEX May fell 15 cents to $5.81/bu and KCBT lost 24 cents to $5.59/bu. CBOT May corn fell 10 cents to $3.77 and soybeans closed 35 cents lower at $9.52/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.
  • In its first weekly crop conditions update of 2015, USDA rated 44% of U.S. winter wheat as good to excellent, up from 35% a year ago but below the five-year average of 47% for the first week in April.
  • In its monthly WASDE update, USDA increased estimated 2014/15 global wheat production by 1.69 MMT to a record 726 MMT and global consumption by 1.29 MMT to a record 716 MMT.
  • USDA lowered its projection for 2014/15 U.S. exports to 24.0 MMT, down from 24.5 MMT last month. If realized, it would be the lowest mark since 2009/10. While weekly sales of 319,900 metric tons exceeded expectations, total known outstanding sales and accumulated exports to date are 23% lower than last year’s year-to-date total of 30.3 MMT.
  • The Baltic Panamax Index closed at 591, up slightly from 589 last week.
  • The US Dollar Index closed at 99.6 on Friday, up from 97.69 a week ago.

File Name
PR 150410.pdf
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