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September 22, 2017
  • U.S. Wheat futures closed higher this week on short covering and concerns over the Austalian and Argentinean crops. Chicago wheat futures rose 1 cent to $4.50 per bushel, Kansas City futures rose 4 cents to $4.50 per bushel, and Minneapolis futures rose 13 cents to $6.35 per bushel. Corn futures fell 1 cent to $3.54 per bushel and soybean futures rose 16 cents to $9.95 per bushel.
  • Concerns over high protein wheat in Canada have prompted a rally in North American spring wheat markets. Protein levels in Canada have varied as the harvest has progressed, and are moving lower as combines move north.
  • Russian wheat export prices moved upward for the second consecutive week, buoyed by global benchmakrs and a strengthening rouble thanks to higher oil prices. Russia has exported 6.7 MMT of wheat so far in 2017/18, only up 6 percent despite a record wheat crop.
  • The dispute over two week cargoes rejected by Egypt (France and Romania), due to the finding of poppy seeds, is not expected to end any time soon. Egyptian officials have stated that the grain may be sieved, which could take up to eight months.
  • U.S. wheat export sales for 2017/18 reached 13.1 MMT, down 3 percent compared to this same time last year.
  • EU wheat exports for 2017/18 reached 3.6 MMT, down 3 percent compared to this same time last year.
  • Australian grain traders report that they have had little success in selling new crop wheat into Asia due to the small size of the expected crop and farmers holding back supplies.
  • U.S. winter wheat planting reached 13 percent complete this week, down slightly from the five year average pace. Forcast rainfall across the Southern Plains is expected to help.
  • The Canadian wheat crop is benig estimated at between 25.0 and 28.0 MMT. CWRS production is expected to be similar to last year, while CWAD production is expected to fall by as much as 50 percent.
  • Farmers in France are expected to plant slightly fewer wheat acres this year.
  • Continued rainfall in Argentina is raising concern of wheat yield and quality loss.
  • The Baltic Dry Index closed at 1502, a three year high, up from last week's 1385.
  • The US Dollar Index closed at 92.14, up from last week's 91.83.

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PR092217.pdf
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