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November 16, 2012


(See attached file: PR 121116.pdf) (See attached file: PR 121116.xls)

Highlights:
  • All three wheat futures markets fell sharply this week, posting the largest one week drop since June. The effects of USDA’s WASDE report last week continued to pressure markets after showing a surprise increase in expected ending stocks. A disappointing export report added to the bearish news on Tuesday. Persistent dry weather and low soil moisture levels provided some support to HRW contracts mid-week but mostly limited losses. CBOT and KCBT December wheat contracts each declined 5 percent this week and MGEX fell 4 percent. CBOT wheat closed 49 cents lower at $8.38/bu and KCBT lost 46 cents to close at $8.76/bu. MGEX dropped 41 cents to $9.10/bu. CBOT December corn fell 12 cents to $7.27/bu and CBOT January soybeans closed at $13.83/bu, a 68 cent loss.
  • USDA’s weekly crop progress report showed U.S. winter wheat conditions 36 percent good to excellent, down from 39 percent a week ago and below the 50 percent good-to-excellent rating of a year ago. USDA rates 22 percent of the crop poor to very poor, compared to 19 percent last week and 14 percent a year ago. The ratings refer to the crop that will be harvested in marketing year 2013/14.
  • Dry weather continues to draw down soil moisture reserves in the western portion of the U.S. Plains, threatening the 2013/14 HRW crop.
  • The Baltic Panamax Index curbed a three week slide, gaining 144 points to end the week at 866. A rebound in China’s steel and iron ore demand has increased overall freight demand and supported the index. Maritime Research's Grain Freight Index fell 1.1 points to end at 502.7.
  • The US Dollar Index strengthened 0.28 points this week to close at 81.31.

File Name
PR 121116.pdf
PR 121116.xls
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