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October 21, 2016
  • US wheat futures remained largely unchanged this week with nothing happening to cause a major move in the market. While strong exports in line ith market expecatations helped, large world supplies continue to weigh. Chicago wheat futures fell 6 cents this week to $4.21 per bushel on a short covering bounce. Kansas City wheat futures rose 4 cents this week to $4.22 per bushel on strong exports. Minneapolis wheat futures closed even with the end of last week at $5.29 per bushel. Corn futures remained largely unchanged compared to last Friday, falling 1 cent to $3.53 per bushel. Soybean futures rose on strong export demand from China, rising 20 cents over last week to $9.83 per bushel.
  • Weekly European wheat exports fell to their lowest level this marketing year on tight supplies.
  • Export from Ukraine and Russia continue at a pace ahead of last year.
  • Rain in Brazil is raising concerns that the quality of this year's wheat crop will be poor.
  • Snowfall across Western Canada has delayed the wheat harvest in the region as farmers wait and hope for fields to dry out. Farmers still need to harvest 20 percent of their acres. The snow, combined with earlier rains, is raising quality concerns.
  • Dry conditions in the US Southern Plains are threatening the recently planted HRW crop.
  • India recently purchased 400.0 TMT of Ukrainian wheat, bringing the total purchased so far this year to 1.5 MMT. Two poor crops in a row in India have led to the highest imports by the county in a decade, with some analysts believing it could buy as much as 5.0 MMT.
  • The Baltic Dry Index closed at 849, down from 885 last week, on weak econmic news.
  • The US Dollar Index closed at 98.63, up from 98.06, on expectations of higher interest rates.

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