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March 1, 2013

(See attached file: PR 130301.pdf) (See attached file: PR 130301.xls)

  • Wheat futures closed mixed this week after all three markets fell sharply on Monday due to significant snow and rain in the dry HRW region. CBOT was the only nearby contract unable to recover the early week loss, closing lower for the sixth straight week. Strong export sales demand and bargain buying helped all three markets climb higher later in the week. A tight cash market added support to the HRW market. CBOT March wheat closed 2 cents lower than last week at $7.13/bu. KCBT gained 6 cents to $7.56/bu and MGEX closed at $8.19/bu, a 17 cent increase. CBOT March corn added 34 cents to close at $7.24/bu and CBOT March soybeans closed up 3 cents at $14.65/bu.
  • CBOT March corn closed 11 cents higher than CBOT March wheat on Friday. Last week, wheat held a 25 cent premium to corn.
  • On Monday, the CBOT March contract closed at $6.99/bu, marking the first time the nearby contract has fallen below $7.00/bu in 8 months.
  • Several major winter storms provided much needed moisture in the U.S. Plains region this week. Up to 12 inches of snow fell in Nebraska and even more fell in parts of Kansas, Oklahoma and Texas. In much of the area, the dryness classifications were downgraded from exceptional drought to extreme drought. Chances are limited for additional precipitation within the next five days.
  • USDA reported weekly export sales of 524,900 MT on Thursday, which was down from last week’s 755,900 MT but within trade expectations of 400,000-600,000 MT. Strong export interest for the third straight week supported U.S. futures on Thursday and Friday.
  • The Baltic Panamax Index rose from 892 to 1,036 this week, a new high for this calendar year, thanks to a strong spot market supported by the South American harvest. Maritime Research's Grain Freight Index rose this week from 488.0 to 490.2.
  • The US Dollar Index rose this week from 81.47 to 82.36 on Friday.

File Name
PR 130301.pdf
PR 130301.xls
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