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December 2, 2011

(See attached file: PR 111202.pdf) (See attached file: PR 111202.xls)


  • Wheat futures closed higher this week thanks to support from outside financial markets and optimistic signs of a European debt crisis solution. The CBOT December contract led the way, gaining 38 cents to close at $6.12/bu. KCBT gained 33 cents to end the week at $6.76/bu and MGEX closed at $8.56/bu, up 29 cents on the week. The CBOT nearby corn contract gained 5 cents to close at $5.86/bu and the CBOT soybean contract closed at $11.35/bu, a 20 cent gain for the week.
  • Weekly U.S. export sales met or exceeded expectations for the second week in a row, lending support to markets on Thursday. Net sales of 503,000 MT for the 2011/2012 marketing year were down 18 percent from the previous week’s sale of 614,500 MT, but up 30 percent from the prior 4-week average, and within trade estimates of 350,000 to 550,000 MT.
  • According to Russia’s Agriculture Ministry, the country finished the 2011/12 harvest and produced 59.4 MMT of wheat, up from 43.5 MMT last year, but down from 63.4 MMT two years ago. USDA’s November World Agricultural Supply and Demand Estimates (WASDE) puts Russian production at 56.0 MMT, up from 41.5 MMT last year. Russian analyst group Sovecon said this week that Russia’s 2011/12 ending wheat stocks are likely to be 10.0 MMT, down from 11.7 MMT last year due to months of record export sales. USDA’s current prediction for Russia’s ending stocks is 12.1 MMT, down from 13.5 MMT last year.
  • Ukraine’s Agriculture Ministry reduced its 2011/12 wheat export forecast to 6.0 MMT, down from 9.5 MMT earlier this year. USDA’s November WASDE forecast Ukraine exports at 8.0 MMT.
  • The Baltic Panamax index fell this week due to increased vessel supply, which is outpacing commodity demand, and pressure caused by a slowdown in China. The index closed at 1,701 on Friday, down from 1,831 on November 17.
  • The ICE Dollar Index gained this week. The index stood at 78.73 on Friday, up from 78.49 on November 17.

File Name
PR 111202.pdf
PR 111202.xls
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