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November 4, 2011

(See attached file: PR 111104.pdf) (See attached file: PR 111104.xls)
  • Wheat futures closed mixed on Friday after an erratic week of trading. Continued uncertainty surrounding the EU economic crisis and the resulting strength of the U.S. dollar caused some volatility in the markets. In addition, news of the MF Global bankruptcy and concerns of increased competition added pressure to prices. KCBT lost 20 cents on the week to close at $7.18/bu and CBOT closed at $6.37/bu, seven cents lower than last week. Tight supplies of high protein spring wheat continue to lend support to the MGEX contract, which gained three cents on the week to close at $9.23/bu. The CBOT nearby corn contract closed less than one cent higher this week at $6.56/bu and the CBOT soy contract lost five cents to close at 12.21/bu.
  • Informa Economics increased its 2011/12 global wheat production forecast by 2.7 MMT to 689 MMT in a report released Wednesday. Greater production estimates of 2.0 MMT in Kazakhstan and 700 TMT in the EU accounted for the global increase. USDA’s current world production estimate is 681 MMT.
  • Argentina’s wheat production is lower than official USDA estimates because of dry winter weather conditions, according to the USDA attaché in that country. In a report released this week, the attaché estimated production at 13 MMT, 500 TMT lower than USDA’s October estimates. USDA will release its monthly supply and demand update on November 9.
  • Official data released by the EU executive on Friday increased 2011/12 wheat production estimates to 128 MMT from 126 MMT last month. Projected exports this year are unchanged from last month at 15.0 MMT.
  • The Baltic Panamax index fell this week due to higher vessel availability that lowered rates. The index closed at 1,836 on Friday, down from 2,091 last week.
  • The ICE Dollar Index fell this week to its lowest point in nearly two months. The index stood at on 76.86 Friday, up from 75.01 last week.

File Name
PR 111104.pdf
PR 111104.xls
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