USW of FacebookUSW on TwitterUSW on YouTube
March 20, 2009

(See attached file: PR 090320.pdf) (See attached file: PR 090320.xlsx)

Highlights
  • Futures ended higher this week amid a sharp decline in the dollar and spillover support from the soybean market. For the week, nearby CBOT futures were up 32 cents/bu, KCBT was 33 cents/bu higher, while the MGE gained 27 cents/bu to end the week at $6.36/bu. Corn futures closed 8 cents/bu higher while soybeans were up 76 cents/bu.
  • A new scheme by the Federal Reserve to buy long-term government debt sparked the largest weekly decline in the U.S. dollar since 1985. Despite recouping some losses Friday, the ICE dollar index lost 4.1 percent on the week to close at 83.84, the lowest level since last January.
  • Total net weekly export sales of 213.8 TMT were down 41 percent from the previous week, 45 percent below the four-week average and well short of market expectations of 300-500 TMT. SRW sales lagged others classes with only 28,500 metric tons (MT) bringing year-to-date sales to 4.98 MMT or 96 percent of USDA total year estimates. Major buyers for the week were Japan (71,400 MT), Yemen (35,000 MT), Guatemala (29,600 MT) and South Korea (21,600 MT). Sales of 2009/10 wheat increased 22,000 MT bringing total new crop sales to 58,000 MT.
  • The Baltic Panamax index (BPI) was sharply lower this week, closing 31 percent lower amid slumping steel and iron ore demand from China. The Atlantic/Gulf to Asia component of the BPI fell 28 percent to 19,024 while the Pacific/Asia component was off an astounding 37 percent to 8,916.

File Name
PR 090320.pdf
PR 090320.xlsx
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 (http://commoncrawl.org/faq/) - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse