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August 28, 2015
  • U.S. wheat futures closed lower this week, hitting the lowest marks in five years. Bearish fundamentals continue to weigh on markets, including strong export competition, record world supply and a strong U.S. dollar. The quickly advancing spring wheat harvest adds additional pressure MGEX contracts. CBOT and MGEX September contracts each dropped 23 cents on the week to $4.77/bu and $4.91/bu, respectively. KCBT fell 13 cents to close at $4.58/bu. CBOT September corn lost 2 cents to $3.63/bu and CBOT September soybeans decreased 12 cents to $8.93/bu.
  • Current HRS price indications are for Northern Spring only. Premiums for Dark Northern Spring will vary. SRW indications are for a minimum falling number of 250. Higher minimum specifications will carry a premium.
  • According to the USDA's weekly Export Sales Report, net sales of 529,100 metric tons exceeded trade expectations of 225,000 to 400,000 MT. Total known outstanding sales and accumulated exports for delivery in marketing year 2015/2016, through August 20, 2015, were 9.79 MMT, 13% lower than last year's year-to-date total of 11.3 MMT. USDA forecasts 2015/16 U.S. wheat exports (including donations) to reach 25.9 MMT.
  • USDA reported U.S. spring wheat harvest was 75% complete as of August 23, well ahead of the five-year average of 47%.
  • IGC raised its forecast for 2015/16 global wheat production by 10.0 MMT to 720 MMT due to improved prospects in Russia, Ukraine and the EU.
  • Russian consultancy SovEcon increased its wheat production forecast to 61.3 MMT from 59.5 MMT previously.
  • The Baltic Panamax Index closed at 974 on Friday, down slightly from last week.
  • The US Dollar Index closed at 96.12, up from 94.99 last Friday.

File Name
PR 150828.pdf
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