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November 9, 2007
(See attached file: PR071109Pub.pdf) (See attached file: PR071109Pub.xls)

  • US wheat futures ended the week mixed, with nearby contracts at the MGE ending slightly higher, while the CBOT and KCBT ended down from the previous week's close. A falling dollar led futures higher early in the week, but the market moved sharply lower Thursday following a bearish USDA export sales report. The USDA placed old crop export sales at a paltry 14.6 TMT for the week, which was significantly less than trade estimates for 350.0 to 550.0 TMT. The MGE nearby closed 5 cents/bu ahead of last week's close, while the CBOT and KCBT ended off 17 and 22 cents/bu, respectively.
  • USDA reported in its weekly crop progress report that 92 percent of the US winter wheat crop has been planted, up from 88 percent the previous week, but slightly behind the 5-year average. Early conditions were reported 53 percent good to excellent, down two percent from the previous week, and six percent below the five-year average.
  • The November WASDE report was viewed as moderately bearish, as USDA increased both world production and ending stocks by 3.0 MMT.
  • The SRW/Corn spread at the CBOT continues to narrow with December SRW now at a $3.75/bushel premium to corn compared with $4.02/bushel last week.

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