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December 29, 2008

(See attached file: PR 081229.pdf) (See attached file: PR 081229.xlsx)
  • Futures traded higher since our last report amid a spillover from soybeans and fund short-covering. Poor weather in South America rallied soybeans Wednesday and Friday with corn and wheat following suit. Since our last report, nearby wheat futures at the CBOT are up 29 cents/bu, the KCBT was 28 cents/bu higher and the MGE closed 20 cents higher at $6.45/bu. Soybeans rallied 8 percent to $9.46/bu while corn closed 13 cents higher at $3.94.
  • Commercial sales of 253,600 were below trade expectations and down 12 percent from the pervious 4-week average. Major buyers were Mexico (58,000 MT), Egypt (57,800 MT), Taiwan (56,000 MT) and Japan (53,700 MT). Year-to-date total sales stand at 79 percent of USDA total year forecast of 27 MMT.
  • Ice accumulation on the Mississippi and poor navigation conditions on the Illinois pushed barge rates higher this week. Rates on the Illinois river were up $2.27/MT to a 6-week high of $24/MT, while Mississippi rates were slightly higher at $16.56/MT.
  • The dollar continued to fall against major currencies last week as demand for the greenback wanes following the Fed's recent rate cut. The ICE dollar index has dropped over 9 percent from its November high of 88 to close Monday at 80.7.

File Name
PR 081229.pdf
PR 081229.xlsx
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