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April 3, 2009

(See attached file: PR 090403.pdf) (See attached file: PR 090403.xlsx)


PR Comments

Futures rallied nearly 10 percent this week for the largest weekly gain in more than three months amid spillover support from outside markets. The delays in spring wheat planting due to flooding in the Red River Valley and cold, wet conditions across the region also provided support. For the week, nearby CBOT futures were up 56 cents/bu, KCBT was 53 cents/bu higher, while the MGE was up 64 cents/bu at $6.71/bu. Corn futures closed 18 cents/bu higher while soybeans were up 79 cents/bu.

USDA’s planted acreage survey indicated US farmers plan to plant 7 percent less wheat for the 2009/10 crop year which was within trade expectations. Spring wheat and durum plantings were below expectations and could decline further due to wet conditions and flooding in the Dakotas. Below is a summary of USDA estimates compared to the current crop year (million acres).

Winter Wheat
Other Spring
All Wheat

Rain and snow last week in northern Oklahoma and parts of Kansas helped improve crop conditions, but Texas and southwest Oklahoma are still in need of moisture. Texas crop conditions declined sharply this week with 63 percent of the crop rated in poor to very poor condition, the lowest level since 2006. Kansas wheat ratings were mostly unchanged from previous reports with 42 percent of the crop rated good to excellent and 17 percent in poor to very poor condition. Oklahoma wheat conditions improved overall due to recent moisture but are still rated below average.

Freight rates slid lower with the Baltic Panamax index ending the week off 21 percent at 1186. The Atlantic/Gulf to Asia component of the BPI fell 15 percent to 16,331 while the Pacific/Asia component was off more than 20 percent to end the week at 7,320.

File Name
PR 090403.pdf
PR 090403.xlsx
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