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November 7, 2008
(See attached file: PR081107.pdf) (See attached file: PR081107.xlsx)

  • Futures oscillated this week, trading higher early, but declined later in the week amid spillover pressure from corn and soybeans and two-consecutive days of stock market declines. The CBOT nearby contract closed 15 cents/bu lower at $5.21/bu, KCBT closed 5 cents higher, while the March MGE contract ended 7 cents lower at $6.27/bu. Soybeans ended the week 12 cents/bu lower and corn closed down 26 cents/bu at $4.02/bu.
  • US farmers had planted 90 percent of the winter wheat crop, advancing six points from the previous week to put the pace two points behind the 5-year average. Planting was complete in Colorado, Montana, Ohio, and South Dakota. Seventy-six percent of the crop had emerged, two points ahead of last year, and on par with the 5-year average. NASS rated winter wheat 67 percent good to excellent compared to 53 percent at this time last year.
  • U.S. export sales came in at 366,300 metric tons this week, down 20 percent from the previous week, and down 18 percent from the prior 4-week average. As of October 30, cumulative sales stood at 71 percent of USDA forecast for 2008/09 versus the 5-year average of 65 percent. For the week, HRW accounted for 180,900 MT bringing the total to 9.2 MMT, while HRS sales were 139,100 bringing the cumulative total to 57 percent of USDA forecast. Sales of soft wheat were slow with SRW at 12,300 MT and SW at 25,400. Major buyers this week were Nigeria (61,700 MT), Singapore (45,000) and Taiwan (40,000).
  • Major freight indices were mixed with the Baltic Panamax Index closing 23 percent higher at 836, while the Baltic Dry Index closed slightly lower at 829.

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