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September 4, 2009

(See attached file: PR 090904.pdf)(See attached file: PR 090904.xls)
  • Futures traded lower again this week. Prices made a rally on Monday due to short-covering, but a firming dollar and expectations of a large spring wheat harvest pushed prices back down. CBOT, KCBT, and MGEX all reached new contract lows. CBOT September contracts closed at $4.46/bu and KCBT finished the week at $4.77/bu. MGEX September contracts dropped 38 cents, closing at $4.83. Soybeans cooled off this week with a bumper crop expected. CBOT September soy contracts closed at $9.75/bu, down $1.60/bu from last week. Corn was also down, dropping 19 cents to $3.01/bu.
  • The Commodity Futures Trading Commission (CFTC) released their first expanded Commitments of Traders reports. The expanded reports are an effort by the CFTC to increase transparency and address convergence problems in wheat markets. The reports will place traders in four categories: Producer/Merchant/Processor/User, Swap Dealers, Managed Money, and Other Reportables.
  • Warmer weather helped pick up the pace of the spring-crop harvest. The harvest is only 38% complete, but up from 22% last week. USDA reported 75% of the crop in good or excellent condition, up from 72% last week.
  • Export sales were 405,700 metric tons (MT) last week. This was down 38 percent from the previous week but within trade estimates of 375,000 to 525,000 MT. Increases were reported for Japan (28,778 HRW, 30,420 HRS, 23,280 white), Mexico (16,969 HRW, 382 HRS, 43,057 SRW), Egypt (49,145 SRW), Guatemala (19,049 HRW, 5,863 HRS, 7,039 white), Canada (24,262 HRS, 580 white, -3 durum), and Peru (22,404 HRW).
  • The Baltic Panamax Index finished higher this week, closing 13% higher from last week at 2,486. Destination routes were also higher, with the Gulf/Japan route at $56/mt and PNW/Japan at $28/mt.

File Name
PR 090904.pdf
PR 090904.xls
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