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September 11, 2015
  • After hitting multi-year lows last week, wheat futures rallied this week supported by bargain and technical buying and a weaker U.S. dollar. Bearish news from USDA’s WASDE report, which increased production estimates for the EU and Black Sea region and decreased U.S. export estimates was largely ignored as the markets closed the week higher, ending a four-week downward trend. September CBOT wheat gained 18 cents to close at $4.76/bu, KCBT rallied 11 cents to $4.59/bu, and MGEX climbed 3 cents this week to $4.88/bu. September CBOT corn increased 25 cents to $3.75/bu and September soybeans were up 11 cents at $8.88/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 weekly crop progress update, USDA reported spring wheat harvest is 96% complete, well ahead of the 5-year average pace of 76%. Winter wheat planting began in the Midwest over the weekend. USDA reported 3% planted, on par with the 5-year average.
  • In its monthly world agriculture supply and demand estimate, USDA increased projected world wheat production and global supplies to record 732 MMT and 227 MMT, respectively. U.S. wheat exports are projected to decrease to 24.5 MMT due to increased foreign competition from ample global supplies.
  • According to USDA’s weekly Export Sales Report, net sales of 290,400 MT for delivery in marketing year 2015/2016 were up 5% from the previous week, but down 25% from the prior 4-week average and below trade expectations of 375,000 to 525,000 MT. Total known exports and outstanding sales for delivery in 2015/16 are 10.4 MMT, 15% lower than last year's year-to-date total of 12.1 MMT. Total USDA export inspections are down 23% at 5.44 MMT compared to 7.1 MMT at this time last year.
  • The Baltic Panamax Index closed at 818 on Friday, down 2% from 837 last week.
  • The US Dollar Index closed at 95.22, down from 96.22 last Friday.

File Name
PR 150911.pdf
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