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October 23, 2009

(See attached file: PR 091023.pdf)(See attached file: PR 091023.xls)

Highlights:
  • Futures rallied again this week, with CBOT nearbys climbing 10% from last week. A sinking dollar and poor weather conditions were the most influential factors on prices. CBOT December contracts were up 49 cents, closing at $5.47/bu. KCBT nearbys were up 39 cents, at $5.49/bu, and MGEX finished 34 cents higher, at $5.60/bu. Rainfall in the Midwest pushed corn and soybean prices up. Corn and soybeans were both up 25 cents on the week, closing at $3.97/bu and $10.07/bu, respectively.
  • Export sales reached 627,600 metric tons, up 31 percent from the previous week and 10 percent from the prior 4-week average. This exceeded trade estimates of 400,000 to 500,000 MT. Increases were reported for Iraq (200,000 HRW), Mexico (40,602 HRW, 34,000 SRW), Japan (27,530 HRW, 39,470 HRS, 4,280 white), Indonesia (58,000 white), Yemen (50,000 white), the Philippines (2,842 HRS, 36,559 white), South Korea (7,493 HRW, 18,336 HRS, -1 SRW, 12,386 white), Israel (36,169 HRW), and Costa Rica (6,325 HRW, 13,821 HRS, 6,730 SRW).
  • Rainfall in the Midwest delayed winter wheat plantings. USDA reported winter wheat planting at 69% complete, well below the 5-year average of 78%. Forty-eight percent of the crop has emerged, below the 5-year average of 54%.
  • The dollar closed lower for the fourth consecutive week. The ICE dollar index fell from 76.40 last week to 75.38 this week, its lowest point since August 2008.
  • Ocean freight rates were higher this week. The Baltic Panamax Index closed at 3,048, up from 2,734 last week. Destination routes were also higher, with PNW/Japan at $35/mt and Gulf/Japan at $64/mt.

File Name
PR 091023.pdf
PR 091023.xls
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