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September 15, 2017
  • U.S. Wheat futures ended the week mixed with Chicago and Kansas City wheat futures moving upward thanks to technical buying and a weaker U.S. dollar and Minneapolis futures dropping on poor export numbers and signs of a good spring wheat crop in Canada. CBOT rose 11 cents to $4.49, KCBT added 5 cents to $4.46, and MGEX lost 25 cents to $6.22. Corn lost 2 cents to $3.55 and soybeans gained 5 to $9.79.
  • High prices in Australia for all classes are making U.S. and Black Sea wheat supplies more competitive into South Asia. Exports by both to the region have increased over the past two months. Australian prices are being driven upward by continued concerns over drought in that country. Australia is expected to produce 21.6 MMT of wheat this year, down substantially from last year's record 33.5 MMT.
  • The Canadian spring wheat harvest is showing better than expected yields. The harvest is well ahead of average pace due to drought conditions in southern areas, but the harvest in northern areas is behind. Many analysts expect the CWRS harvest to be bigger than expected, but worries over protein levels and quality persist.
  • The analyst group Strategie Grains reported that the quality of the wheat crop in France is excellent, average across the Baltic States and Scandinavia, and deteriorating across Germany and Poland due to excessive rainfall.
  • Strategie Grains is estimating EU wheat production will reach 151.4 MMT this year, up 4 percent from last year. Exports are expected to reach 23.1 MMT, down 4 percent. The EU has exported 3.2 MMT of wheat so far this marketing year, down 45 percent compared to this same time last year.
  • Ukraine has exported 4.2 MMT of wheat so far this marketing year, down 8 percent compared to this same time last year.
  • The U.S. spring wheat harvest is 95 percent complete, ahead of the five year average of 87 percent. Quality of the crop is reported to be good with higher than average protein levels.
  • U.S. farmers have planted 5 percent of their 2018/19 winter wheat, slightly behind the five year average pace.
  • The Baltic Dry Index closed at 1385, a 34 month high and above last weeks 1296.
  • The US Dollar Index closed at 91.83, higher than last weeks 91.07.

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