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August 14, 2009

(See attached file: PR 090814.pdf)(See attached file: PR 090814.xls)
  • Futures traded down once again this week based upon large global stocks. CBOT September futures dropped 9 cents on the week, closing at $4.81/bu. KCBT September futures finished the week at $5.08, which is down 17 cents from the previous week. MGEX was hardest hit due to increased projections for the size of the spring wheat crop. MGEX dropped 24 cents on the week, finishing at $5.49/bu. Corn and soybeans were also down, closing at $3.19/bu and $11.00/bu, respectively.
  • USDA released their latest World Agricultural Supply and Demand Estimates (WASDE) report on Wednesday. USDA increased production estimates for the U.S. by 2 million metric tons (MMT) to 59.4 MMT. USDA also increased U.S. export projections based on lower production from Canada and Argentina. USDA export estimates for the U.S. now stand at 950 million bushels, an increase of 25 million bushels from last month.
  • USDA increased production estimates for spring wheat and durum based on reports of significantly higher yields in the northern plains. Spring wheat projections increased from 470 million bushels last month to 511 million bushels this month. As of last week, 72% of the spring wheat crop was reported in either good or excellent condition, which is up from 53% last year.
  • The Baltic Panamax Index continued falling again this week, closing at 2,391. This is a 9% drop from last week and a 32% drop in the past three weeks.

File Name
PR 090814.pdf
PR 090814.xls
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