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July 5, 2013

(See attached file: PR 130705.pdf) (See attached file: PR 130705.xls)

  • Wheat markets closed mixed this week following eight consecutive days of losses. Early in the week, harvest pressure and better than expected yields pushed futures to their lowest point since June 2012. CBOT and KCBT wheat rallied late in the week due to bargain buying and strong export demand. MGEX wheat regained some of its earlier losses but closed lower than last Friday. CBOT nearby contract added 11 cents to close at $6.58/bu and KCBT closed up 5 cents at $6.77/bu. MGEX July fell 24 cents from last Friday to $7.61/bu. CBOT July corn dropped 4 cents to $6.78/bu and CBOT July soybeans added 20 cents to close at $15.84/bu.
  • CBOT July wheat lost 9 percent of its value in the 8 day losing streak, KCBT July dropped 8 percent and MGEX July fell 7 percent.
  • CBOT July corn closed with a 1 cent premium to CBOT wheat and a 20 cent premium to KCBT wheat on Friday. However, most wheat trading has moved to the September contracts where CBOT wheat holds a $1.33/bu premium to corn.

  • On Friday, USDA reported net commercial sales of 593,000 for the week ending June 27, including 237,000 MT sold to China. Total outstanding sales and accumulated exports of all classes of wheat for the 2013/14 marketing year were 9.16 MMT, 28 percent greater than last year's year-to-date total of 7.13 MMT. USDA forecasts 2013/14 U.S. wheat exports will reach 26.5 MMT.
  • The Baltic Panamax Index increased by one point since last Friday to 1008. Lower Capesize index earnings due to decreased iron-ore demand pressured the Panamax Index. Maritime Research's Grain Freight Index increased from 488.2 to 490.3.
  • The US Dollar Index rose this week to 84.66 from 83.41 last Friday.

File Name
PR 130705.pdf
PR 130705.xls
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