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September 2, 2011

(See attached file: PR 110901.pdf)(See attached file: PR 110901.xls)
  • Wheat futures traded mixed this week due in part to a strengthening dollar and improved weather forecasts. Corn prices and a somewhat quiet export market continue to pressure prices in Chicago and Kansas City. CBOT and KCBT nearbys finished 32 cents and 8 cents lower than last week, respectively. MGEX futures, on the other hand, rose this week with the September contract gaining 28 cents to close at $9.84/bu. Spring wheat pricing is affected by on-going concerns about the late harvest and limited total supply of quality spring wheat, factors which support stronger futures prices, while higher protein values in both HRS and HRW this year have sharply reduced basis levels and protein premiums from the values seen over the past year. Corn contracts fell 2 cents to $7.50/bu and soybean prices gained 21 cents on the week to close at $14.36/bu.
  • In its latest crop report released Thursday, Germany’s agriculture ministry projects the country’s 2011 wheat harvest will fall 3.4 percent on the year to 23.0 MMT. Unfavorable weather, including a spring drought and frequent harvest-time rain, has affected yields and quality. German grain production overall is expected to fall 6 percent below last year.
  • The ICE Dollar Index rose this week mostly thanks to a weaker Euro, which fell amidst growing concern over European debt levels. The index stood at 74.79 on Friday, up from 73.71 last week.
  • The Baltic Panamax Index fell slightly this week but remains near an eight month high among firmer coal and iron exports from Australia to China. The index stood at 1,630 on Friday, down from 1,662 a week ago.

File Name
PR 110901.pdf
PR 110901.xls
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