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March 13, 2015
  • U.S. wheat futures closed higher on Friday for the sixth consecutive day, the longest rally since November. Futures found support from dry conditions in the U.S. Plains as winter wheat emerges from dormancy. Strong commercial sales and a forecast for lower 2015/16 EU production also pushed markets higher. Gains were limited by a strong U.S. dollar and record global supply. CBOT March wheat added 23 cents to $5.09/bu, KCBT gained 21 cents to $5.42/bu and MGEX closed 12 cents higher at $5.54/bu. CBOT March corn lost 5 cents to $3.74/bu and CBOT March soybeans fell 11 cents to $9.68/bu.
  • Current HRS price indications are for Northern Spring only. Premiums for Dark Northern Spring will vary. SRW indications are for a minimum falling number of 250. Higher minimum specifications will carry a premium.
  • In its first crop forecasts for the 2015/16 season, the European Commission projected EU wheat production and exports will far sharply from the record levels expected in 2014/15. The commission forecast soft wheat exports would fall to 27.1 MMT from 31.0 MMT in 2014/15, based on production of 141.5 MMT in 2015/16, down from 148.2 MMT this marketing year.
  • USDA’s World Agricultural Supply and Demand Estimates update provided minor changes and no surprises. USDA lowered estimated 2014/15 global production by 270,000 metric tons to 725 MMT and decreased projected global ending stocks by 140,000 metric tons to 198 MMT. U.S. supply and demand estimates were left unchanged.
  • Weekly commercial wheat sales of 445,200 metric tons for delivery in the 2014/2015 marketing year were at the high end of trade expectations of 300,000 to 450,000 MT. According to USDA's weekly Export Sales Report, total known outstanding sales and accumulated exports of all classes of wheat, through March 5, 2015 were 22.3 MMT, 24% lower than last year's year-to-date total of 29.1 MMT. USDA forecasts 2014/15 U.S. wheat exports (including donations) to reach 24.5 MMT.
  • The Baltic Panamax Index closed at 585 on Friday, up slightly from 583 last week.
  • The US Dollar Index closed at 100.25 this week, up from 97.66 last Friday.

File Name
PR 150313.pdf
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