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June 26, 2009

(See attached file: PR 090626.pdf) (See attached file: PR 090626.xlsx)

Highlights:
  • Futures traded lower this week as the ongoing winter wheat harvest advances, despite the USDA’s weekly crop progress report that showed harvest was behind schedule. Steep losses in corn and crude also contributed to the decline. For the week, nearby CBOT wheat futures finished 21 cent/bu lower, KCBT was down 26 cents/bu and MGEX ended 32 cents/bu lower at $6.67/bushel. Soybeans closed the week up 22 cents/bu at $12.01/bushel while corn finished 15 cents/bu lower.
  • SRW basis was up this week amid quality concerns, moving 15 cents/bu higher to 20 cents/bu over July futures, the highest level in more than a year. HRW 12/11.5 protein spread widened 5 cents to 10 cents/bu this week due to early harvest reports of slightly lower protein in Kansas. Spot durum prices were lower this week, trading between $295 and $305 per metric ton.
  • Export sales this week were 368,300 metric tons (MT), up 37 percent from last week and at the high end of trade expectations. Hard wheat sales stood out with 147,800 MT of HRW and 79,100 MT of HRS. Cumulative year-to-date sales stand at 4.1 MMT, 52 percent behind the year-to-date pace in 2008/09.
  • The Baltic Panamax Index finished at 2,817, down 10% from last week’s close of 3,125. Destination rates were also weak, with Gulf/Japan moving $3/MT higher to $59/MT while the Pacific/Japan route $5/MT lower at $36/MT.
  • The ICE dollar fell below 80 on the call from China for an alternative to the dollar as the world’s reserve currency. The index ended the week at 79.84, down slightly from last Friday but is own 3 percent for the year.

File Name
PR 090626.pdf
PR 090626.xlsx
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