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December 28, 2009

(See attached file: PR 091228.pdf)(See attached file: PR 091228.xls)

Highlights:
  • Futures traded higher over the past week due to a rally on Monday sparked by fund buying. Wheat prices climbed 5% during Monday‚Äôs trading, reaching a three-week high. CBOT nearbys were up 22 cents on the week and closed Monday at $5.50/bu. KCBT and MGEX nearbys were both up 21 cents, closing at $5.46/bu and $5.56/bu, respectively. Corn prices were also up, supported by a combination of fund buying and harvest delays from heavy snowfall in the Midwest, and closed 18 cents higher at $4.16/bu. Soybean prices were also up, closing at $10.38/bu.
  • Informa Economics released an updated planted area estimate last week. Informa projects 2010 winter wheat planted area at 39.4 million acres, which is a decrease of 124 thousand acres from their previous estimate and 3.86 million acres below last year. Informa projects total wheat acreage at 55.6 million acres, which is down 3.5 million acres from last year.
  • Export sales for the period December 11-17 totaled 221,300 metric tons, which was a marketing-year low. Increases were reported for Japan (13,020 HRW, 27,360 HRS, 25,616 white), Mexico (9,000 HRW, 8,287 HRS, 19,500 SRW), Nigeria (27,939 HRW), South Korea (5,341 HRW, 5,415 HRS, 176 SRW, 11,215 white), Colombia (18,565 HRW, -193 HRS, 349 SRW), and the Philippines (4,000 HRS, 13,921 white).

  • The Baltic Dry Index (BDI) fell last week to its lowest point since late October, closing at 3,005 last Thursday, which is down from 3,258 the previous week. The Baltic Panamax Index (BPI) gained on the week, supported by increasing demand for coal in Asia. Destination routes remained steady.
  • It was a volatile week for the dollar, climbing higher early in the week only to close lower on Monday. The ICE dollar index was at 77.64 on Monday, down from 77.73 the previous week.

File Name
PR 091228.pdf
PR 091228.xls
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