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October 11, 2013
  • Wheat futures closed higher this week despite limited data from the government. USDA did not release its monthly supply and demand estimates or weekly commercial sales. Large export inspection numbers indicated strong export demand and supported futures. Lower revised estimates for Black Sea planted area also pushed futures higher. The KCBT nearby contract gained 10 cents to $7.60/bu, MGEX added 9 cents to $7.55/bu and CBOT closed 5 cents higher at $6.92/bu. CBOT December corn dropped 10 cents to $4.33/bu and CBOT November soybeans fell 28 cents to $12.67/bu.
  • Heavy rain in parts of Russian and Ukraine threatened winter seeding, prompting Russian officials to lower the official wheat acreage forecast by 3.0 MMT to 13.0 MMT.
  • Weekly export inspections of wheat were 810,521 metric tons, compared to 897,395 metric tons last week, according to USDA. Inspections to date are up 40% year over year.
  • The Baltic Panamax Index rose from 1,914 last Friday to 2,024, a new high for the year. A strong spot market and continued demand for Chinese imports supported the index.
  • The US Dollar Index rose from 80.22 last Friday to 80.46.

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PR 131011.pdf
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