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April 19, 2013


(See attached file: PR 130409.pdf) (See attached file: PR 130409.xls)

Highlights:
  • U.S. wheat futures closed mixed this week due to the opposite effects weather had on production potential. Rain and snow fell throughout the U.S. plains region this week. Rain showers provided more relief for much of the drought-stressed HRW belt, which pressured prices. Snow fall and accumulation in the northern plains, including Minnesota and South Dakota, fostered concerns the weather would slow planting progress and provided support for HRS futures. A poor economic report from China pressured all wheat futures on Monday causing a particularly sharp loss for CBOT and KCBT wheat. CBOT May wheat fell 6 cents on the week to $7.09/bu and KCBT closed at $7.46/bu, a 7 cent loss. MGEX May wheat gained 18 cents on the planting concerns to close at $8.26/bu. CBOT May corn fell 7 cents to $6.52/bu and CBOT May soybeans gained 15 cents to $14.28/bu.
  • U.S. commercial wheat sales this week far exceeded expectations. Old-crop export sales of wheat for shipment during the current 2012/13 marketing year were 552,100 metric tons (MT), well above forecasts for 50,000 to 325,000 MT. New-crop sales for shipment in the 2013/14 marketing year (after June 1) were 1.12 million metric tons, topping forecasts for 80,000 to 500,000 MT. The strong sales supported wheat futures on Thursday.
  • In a statement released this week, the head of Russia’s grain ministry said the country could return to the export market within a month. The announcement temporarily pressured U.S. wheat futures but Russia’s old crop supply is too low to make a significant impact on the world trade scenario.
  • The Baltic Panamax Index climbed 84 points this week to close at 1196. Demand has been strong for Panamax sized vessels due to the South America grain harvests. The index also drew support this week from strong demand for mineral cargos in Indonesia. Maritime Research's Grain Freight Index rose fell from 497.7 to 495.2.
  • The US Dollar Index added 0.72 points this week to close at 82.85.

File Name
PR 130409.pdf
PR 130409.xls
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