USW of FacebookUSW on TwitterUSW on YouTube
October 28, 2011


(See attached file: PR 111028.pdf)(See attached file: PR 111028.xls)
  • Wheat futures traded lower early in the week while buyers waited for results from the EU economic summit but finished the week strong after EU leaders reached an agreement on how to handle the debt crisis. A low priced sale of Russian wheat to Egypt’s GASC also pressured prices early in the week. The KCBT December contract gained the most, up 15 cents this week to $7.38/bu. CBOT wheat gained 13 cents to close the week at $6.45/bu and MGEX closed at $9.20, 1 cent higher than last week. The CBOT nearby corn and soy contracts each gained 6 cents this week to close at $6.55/bu and $12.26/but, respectively.
  • The China National Grain and Oils Information Centre (CNGOIC) said this week that China will import 1.5 MMT of wheat in 2011/12, up 90 percent from last year, to take advantage of lower international wheat prices to meet rising feed demand and to rebuild reserves. In addition, the country’s agricultural ministry announced that planted wheat acreage will grow by 0.3 percent this year despite poor planting conditions. The ministry expects farmers to plant 23.9 million hectares of wheat this year.
  • National Australia Bank increased its production forecast this month by 3.15 MMT to 25.1 MMT following much improved weather conditions. The Australian Bureau of Agriculture’s current production estimate is 26.2 MMT and USDA’s is 26.0 MMT.
  • In its monthly report released Thursday, The International Grains Council increased its 2011/12 global wheat production estimates by 5.0 MMT to 684 MMT, largely due to recent upward revisions in the production forecasts in the EU, Kazakhstan and Australia.
  • The ICE Dollar Index fell this week to its lowest point in nearly two months. The index stood at 75.01 on Friday, down from 76.26 last week.
  • The U.S. grains export season supported the Baltic Panamax index this week. The index closed at 2,091 on Friday, up from 2,026 last week.

File Name
PR 111028.pdf
PR 111028.xls
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 (http://commoncrawl.org/faq/) - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse