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October 16, 2009

(See attached file: PR 091016.pdf)(See attached file: PR 091016.xls)

  • Futures traded higher for the second consecutive week, largely due to a weakening dollar. The dollar reached a 14-month low earlier in the week, which pushed CBOT December contracts over $5/bu on Tuesday for the first time since early August. However, the dollar firmed up late in the week to put pressure back on prices. CBOT nearbys were up 30 cents from last week, closing at $4.98/bu. KCBT nearbys were up 25 cents, to $5.10/bu, and MGEX nearbys were up 22 cents, closing at $5.26/bu. Corn and soybeans also rallied on the week, with corn finishing up 9 cents at $3.72/bu and soybeans up 15 cents, at $9.82/bu.
  • USDA reported winter wheat planting is 64% complete, 5% below both last year’s rate and the 5-year average. Thirty-nine percent of the winter crop has emerged, just below the 5-year average of 40%. Dryer weather forecasted in the southern plains for the weekend should benefit winter wheat seeding.
  • Commercial sales reached 480, 200 metric tons last week, within trade expectations of 450,000 to 650,000 MT. Increases were reported for Japan (46,730 HRW, 60,140 HRS, 20,000 white, 58 durum), Nigeria (1,967 HRW, 28,000 HRS, 8,700 SRW), the Philippines (38,150 white), Canada (20,443 HRS, 3,149 white, 10,642 durum), Guatemala (19,090 HRW, 8,608 HRS, 5,360 white), United Arab Emirates (27,500 HRS), Colombia (25,548 HRW, 655 SRW), and Algeria (25,000 durum).
  • The ICE dollar index reached a 14-month low during the week, pushing the dollar down to 75.48 on Thursday. The dollar rallied on Friday, to 75.63, but is down from 76.40 last week.
  • Ocean freight rates climbed slightly higher this week, with the PNW/Japan route at $34/mt and Gulf/Japan at $59/mt. Maritime Research’s Grain Freight Index closed at 536.2, up from 530.6 last week.

File Name
PR 091016.pdf
PR 091016.xls
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