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August 21, 2009

(See attached file: PR 090821.pdf)(See attached file: PR 090821.xls)
  • Futures markets traded lower this week, reaching eight-month contract lows. The CFTC’s announcement to end no action letters for two firms and a bearish report from Statistics Canada pushed markets down. CBOT September futures finished at $4.62/bu, down 20 cents from last week. KCBT September futures finished the week at $4.94/bu, which is down 15 cents from the previous week. MGEX dropped 17 cents on the week and closed at $5.32/bu. Soybeans were also down, falling 4 cents and closing at $10.21/bu. Corn was up 3 cents and closed at $3.22/bu.
  • The U.S. Commodity Futures Trading Commission announced this week that it was ending no action letters for two firms. The no action letters allowed the firms to avoid speculative position limits for soybean, corn, and wheat futures contracts. The markets reacted bearishly to the announcement and CBOT wheat futures fell to eight-month contract lows on Wednesday.
  • Statistics Canada released their first 2009 crop production estimates. They expect the 2009 Canadian wheat crop to reach 23.6 million metric tons (MMT), which is down sharply from last year’s production of 28.6 MMT. The estimate is higher than USDA’s projection of 22.5 MMT, which USDA released last week.
  • Export sales were down 25% from last week, at 358,900 metric tons. This is down 26% from the prior 4-week average and at the low end of trade estimates of 350,000 to 550,000 MT. Increases were reported for Indonesia (58,000 white), Thailand (16,000 HRW, 19,500 HRS, 16,500 white), Japan (28,840 HRW, 14,693 HRS, 6,160 white), Peru (20,500 HRW, 7,500 SRW), Italy (22,500 durum), and the Netherlands (10,750 HRS, 10,750 durum).
  • The Baltic Panamax finished the week at 2,290, falling 4% from last week. The Atlantic/Gulf to Asia component of the BPI was down 2% to 28,881, while the Pacific/Asia component was down 7% at 17,707.

File Name
PR 090821.pdf
PR 090821.xls
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