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December 13, 2013
  • Wheat futures fell this week on large world supplies and slower demand for U.S. exports. A large increase from USDA in projected world production and global ending stocks added to persistent pressure created last week by Canada‚Äôs higher domestic production estimate. Severe weather in much of the U.S. winter wheat growing areas threatened crop conditions but ultimately did not appear to cause significant damage. CBOT December wheat closed 19 cents lower at $6.18/bu, the lowest point for a nearby contract since June 18, 2012. KCBT December fell 48 cents to $6.57/bu, a 7% loss since last Friday. MGEX December dropped 24 cents to $6.42/bu. CBOT December corn lost 4 cents to $4.21/bu and CBOT January soybeans gained 2 cents to $13.28/bu.
  • In its monthly WASDE report published Tuesday, USDA increased estimated world production by 5.04 MMT to 711 MMT. If realized, it would be 8% greater than 2012/13 and a new record high. Estimated total consumption increased just 1.0 MMT to 704 MMT, leaving projected ending stocks 4.3 MMT higher at 183 MMT but still 7% below the 5-year average.
  • According to the U.S. Department of Agriculture's weekly Export Sales Report, net sales of 372,200 MT for delivery during the 2013/2014 marketing year were up 62 percent from the previous week, but down 12 percent from the prior 4-week average and within trade expectations of 300,000 to 500,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat, through December 5, 2013 were 23.0 MMT, 35 percent greater than last year's year-to-date total of 17.0 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 29.9 MMT.

  • The Baltic Panamax Index increased significantly in the last two weeks. The index closed up 173 points at 2,096. The index has increased 54% since November 22. Strong U.S. grain exports helped support the market. A strong spot market added to seasonal strength this week.
  • The US Dollar Index fell from 80.32 to 80.22.

File Name
PR 131213.pdf
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