USW of FacebookUSW on TwitterUSW on YouTube
December 5, 2014
  • U.S. wheat futures closed higher this week thanks to early gains. Concerns that new Russian regulations might curb exports combined with a downgrade in Australian production estimates supported futures. Cold weather in Russia and Ukraine threatened winter wheat ahead of dormancy and pushed futures higher. Gains were limited by disappointing U.S. export numbers and an increased production estimate in Canada. CBOT December wheat added 62 cents in the last two weeks, closing at $6.09/bu. MGEX December closed 36 cents higher than two Friday’s ago at $6.19/bu and KCBT gained 30 cents to $6.33/bu. CBOT December corn added 8 cents to $3.82/bu and CBOT January soybeans closed at $10.36/bu, 16 cents higher than two weeks ago.
  • Russian officials announced new storage and inspection regulations, which according to a government spokesperson could curb grain exports. It is unclear when the new regulations will go into effect.
  • The Australian Bureau of Agricultural and Resource Economics and Sciences lowered its estimate for 2014/15 wheat production by 4% this week to 23.2 MMT, citing drought. If realized, it would be a 14 percent decline from last year. In November, USDA pegged 2014/15 Australian production at 24.0 MMT.
  • In its final crop production report of the year, Statistics Canada increased its 2014/15 production estimates to 29.3 MMT, up 7% from its October report of 27.5 MMT and well above trade expectations. If realized, it would still fall far short of last year’s record production of 37.5 MMT.
  • According to USDA's weekly Export Sales Report, net sales of 319,200 metric tons for delivery in the 2014/2015 marketing year were down 26% from the previous week and on the low end of trade expectations of 300,000 to 500,000 MT. Total known outstanding sales and accumulated exports, through November 27, 2014 were 16.9 MMT, 25% lower than last year's year-to-date total of 22.6 MMT. USDA forecasts 2014/15 U.S. wheat exports (including donations) to reach 25.2 MMT.
  • The Baltic Panamax Index closed at 1,088 on Friday, up from 1,055 two weeks ago.
  • The US Dollar Index closed lower this week at 89.35, up from 88.38 two weeks ago.

File Name
PR 141205.pdf
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 ( - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse