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February 19, 2010

(See attached file: PR 100219.pdf)(See attached file: PR 100219.xls)

Highlights:
  • Wheat prices reached a one-month high on Tuesday due to short covering and a weaker dollar. CBOT nearbys gained 18.5 cents, or 3.8 percent, on the day. The rally was short-lived, however, as the dollar strengthened by week’s end. Overall, CBOT nearbys gained 3 cents on the week, closing at $4.89/bu. KCBT nearbys were also up 3 cents, to $4.98/bu, and MGEX was up 4 cents, to $5.08/bu. CBOT corn prices were down 1 cent this week, to $3.60/bu, while the soybean CBOT March contract was unchanged at $9.45/bu.
  • USDA projections released today at the annual Outlook Forum pegged 2010/11 U.S. wheat production at 52.9 MMT, down from 60.3 MMT in 2009/10.Total U.S. supply for 2010/11 is projected at 82.6 MMT, which would be a 10-year high.
  • The Australian Bureau of Agricultural and Resource Economics (ABARE) released their latest production estimates earlier this week. ABARE forecasted the 2009/10 Australian wheat harvest at 21.7 MMT, down from their December estimate of 22.0 MMT. This would be 3.4 percent greater than the 2008/09 crop and the largest in the past four years.
  • The Baltic Panamax Index (BPI) posted its first weekly gain in over a month, gaining 151 points on the week to close at 3,179. Destination routes gained as well, with Gulf/Japan at $63/mt and PNW/Japan at $37/mt.
  • The Dollar ICE Index stood at 80.57 on Friday, its highest point since July 2009. The index is up from 80.22 last week and has gained 4 percent in the past month.

File Name
PR 100219.pdf
PR 100219.xls
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