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February 13, 2015
  • U.S. wheat futures closed higher this week due to extremely cold temperatures in the Midwest and traders covering positions before the next delivery period. Easing political tension in the Black Sea also pushed futures higher. Gains were limited by the slow pace of U.S. exports and a U.S. dollar that remains near an 11-year high. Several major grain authorities increased forecasts for 2014/15 global supply, pushing markets lower. MGEX March wheat added 10 cents to close the week at $5.87/bu. CBOT wheat gained 6 cents to $5.33/bu and KCBT closed 1 cent higher at $5.63/bu. CBOT March corn added 2 cents to $3.87/bu and CBOT March soybeans gained 17 cents to $9.91/bu.
  • Current HRS price indications are for Northern Spring only. Premiums for Dark Northern Spring will vary. SRW indications are for a minimum falling number of 250. Higher minimum specifications will carry a premium.
  • In its monthly world agricultural supply and demand estimates, USDA again increased its projection for global production. It pegged total output at 725 MMT, up from 723 MMT last month and greater than the previous record of 716 MMT set last year. USDA raised global ending stocks more than analysts expected to 198 MMT, up from 196 MMT last month and the highest in four years, if realized. Projected U.S. exports were lowered by 670,000 metric tons to 24.5 MMT and ending stocks increased slightly to 18.8 MMT.
  • The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) raised its estimate of the just harvested 2014/15 crop, citing timely rains that aided yields. ABARES said total wheat production reached 23.6 MMT, up from its December estimate of 23.2 MMT but down from last year’s 27.0 MMT output, if realized.
  • Consultancy Strategie Grains raised its forecast for 2014/15 EU soft wheat exports to a record 32.5 MMT, more than 3 million above its previous figure.
  • According to the USDA’s Export Sales Report, net sales of 409,300 metric tons were up 3 percent from the previous week but total 2014/15 sales of 20.7 MMT trail last year’s pace by 24%. USDA forecasts 2014/15 U.S. wheat exports (including donations) to reach 24.5 MMT.
  • The Baltic Panamax Index closed at 499 this week, up from 430 last Friday.
  • The US Dollar Index closed this week at 94.23, down from last Friday’s 94.80.

File Name
PR 150213.pdf
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