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May 8, 2009

(See attached file: PR 090508.pdf) (See attached file: PR 090508.xls)

  • Futures traded higher this week amid reports of poor crop conditions in Oklahoma and parts of Kansas as well as increased fund buying. For the week, July CBOT wheat futures finished 21 cents/bu higher, KCBT was up 18 cents/bu and MGE ended 15 cents/bu higher at $7.00/bushel. Soybeans closed the week up 21 cents/bu at $11.12/bushel while corn finished 7 cents/bu higher at $4.21/bushel.
  • Spring wheat planting was 23 percent complete, up 8 percent from the previous week but well behind the five-year average of 59 percent. Rainfall in the northern Plains continues to hinder spring wheat planting and further delays could cause a significant decrease in crop yield.
  • USDA reported that 47 percent of the winter wheat crop was rated good to excellent condition, up slightly from 45 percent the previous week. US crop scouts began their assessments of Kansas wheat fields which showed little sign of disease or damage for northern and central Kansas. Light to moderate hail damage was observed in southwest parts of the state. The Oklahoma crop continues to struggle due to an April freeze and drought stress.
  • Wheat export sales for the week were 386,300 metric tons (MT) (254,700 MT old-crop), which fell within range of market estimates for 300,000 to 400,000 MT. Notable movement of old-crop sales were to Japan (71,700 MT), Iran (60,000 MT), Indonesia (57,500 MT) and the Philippines (53,400 MT). The Philippines accounted for nearly 60 percent of the 131,600 MT of new crop sales.
  • Statistics Canada reported all-wheat stocks, on March 31, at 15.5 MMT, which was well below trade estimates for 16.7 MMT but above the five-year average of 15.0 MMT. Durum stocks were reported at 3.76 MMT, up 85 percent from this time last year and on par with the five-year average.
  • Freight indices were higher this week with the Baltic Panamax index ending up 38 percent from last week’s close at 2,144. The Atlantic/Gulf to Asia component of the BPI was up 24 percent to 25,286 while the Pacific/Asia component was 30 percent higher at 13,989.

File Name
PR 090508.pdf
PR 090508.xls
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