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October 5, 2012

(See attached file: PR 121005.pdf) (See attached file: PR 121005.xls)

  • All three nearby wheat futures contracts lost 5 percent of their value this week. Rain showers in drought-burdened areas of the United States and light export demand pressured markets. Wheat’s poor performance came despite a weaker U.S. dollar and overall strength in the commodity sector. KCBT declined the most of the three contracts because a majority of the week’s rain fell in HRW area. KCBT December contract lost 49 cents to close at $8.79/bu. CBOT December wheat closed down 45 cents at $8.57/bu and MGEX December lost $9.20/bu, a 39 cent loss. CBOT December corn fell 8 cents to $7.48/bu and CBOT January soybeans closed at $15.51/bu.
  • USDA reported weekly export sales of 307,000 MT on Thursday, down 28 percent from the previous week and below trade expectations of 450,000 to 575,000 MT. Total known 2012/13 outstanding sales and accumulated wheat exports through September 27, 2012 were 13.1 MMT, 11 percent lower than last year's year-to-date total of 14.7 MMT.
  • Rain showers in the driest areas of the U.S. Plains raised soil moisture levels and boosted HRW seeding prospects. Parts of Kansas, Nebraska, Oklahoma and Texas received critical precipitation this week. However, moisture levels remain significantly below average.
  • The Baltic Panamax Index closed higher for the first time in six week at 598, up from 425 last Friday. Very cheap Iron Ore prices have led to increased demand, providing temporary support to the freight market. Maritime Research’s Grain Freight Index increased for the third week in a row from 419.3 to 420.2.
  • The ICE US Dollar Index closed lower this week at 79.43, down from 80.03 last Friday.

File Name
PR 121005.pdf
PR 121005.xls
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