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September 11, 2009

(See attached file: PR 090911.pdf)
  • Futures were down once again this week, with global supplies continuing to apply pressure on prices. CBOT September contracts closed at $4.41/bu, down 4 cents from last week. KCBT September contracts dropped 10 cents and closed at $4.66/bu. MGEX finished at $4.75/bu, which is down 8 cents from last week. Corn and soybeans were both up, with corn climbing 13 cents to close at $3.14/bu. CBOT September soy contracts finished at $9.84/bu, which is up 9 cents from last Friday.
  • The USDA released their September World Agricultural Supply and Demand Estimates (WASDE) report today. USDA increased their global production estimate by 4.4 million metric tons (MMT), to 664 MMT, based on increased production in Europe and Russia. The report also projected higher ending stocks, increasing the projection by 3 MMT to 187 MMT.
  • Kansas Agricultural Statistics released their annual Wheat Quality Report earlier this week, which provides an overview of the Kansas wheat crop. The report found that 90% of the samples taken were No. 1 grade, which is up from just 71% last year. The average test weight was also higher this year, at 61.0 lbs/bu, which is up from 60.4 lbs/bu last year.
  • Export sales were 551,400 metric tons (MT) last week, which is up 36 percent from the previous week and exceeded trade estimates of 300,000 to 500,000 MT. Increases were reported for Japan (34,660 HRW, 18,140 HRS, 50,930 white, 13,500 durum), Egypt (60,000 SRW), Yemen (59,485 white), Canada (50,000 HRS), Philippines (20,000 HRW, 22,500 white), Nigeria (40,000 HRW, 1,497 SRW), Peru (25,000 HRW), and Italy (24,844 durum).
  • The dollar ICE index was down this week, closing at 76.68. This is down 2% from last week and has fallen for five consecutive sessions. The index is at its lowest point since September of last year when it reached a low of 76.15.
  • The Baltic Panamax Index closed higher once again this week, finishing at 2,550. Destination routes were higher, with Gulf/Japan at $58/mt and PNW/Japan at $30/mt.

File Name
PR 090911.pdf
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