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July 31, 2009

(See attached file: PR 090731.pdf)(See attached file: PR 090731.xlsx)
Highlights:
  • Futures rallied on Friday to finish higher than last week. Spillover from the soybean rally on Thursday and a weakening dollar pushed prices up. CBOT September futures closed 12 cents/bu higher than last week at $5.28/bu. KCBT September futures were up 10 cents/bu, closing at $5.59/bu. MGEX finished the week at $6.05/bu, up 14 cents for the week. Soybean futures rallied on Thursday due to strong demand from China. Soybeans were up $1.12 from last week, closing at $11.34/bu. Corn prices were also up, closing 23 cents/bu higher at $3.40/bu.
  • The annual spring wheat tour concluded in North Dakota this week. The total estimated yield from the tour was 46.2 bushels per acre, which is up significantly from last year’s yield of 37.7 bpa. Unseasonably cool weather this summer has helped with the yields considerably, although there are concerns over protein. The lower summer temperatures have not provided the stress needed to reach higher protein levels. Actual protein levels will not be known until after the harvest is completed.
  • Export sales were up 68% this week, totaling 575,100 metric tons. This exceeded trade estimates of 350,000 to 450,000 MT. Increases were reported for Japan (32,960 HRW, 38,920 HRS, 21,000 white), Guatemala (27,835 HRW, 16,115 HRS, 10,741 SRW, 5,500 white, 3,000 durum), Dominican Republic (25,400 HRW, 19,600 HRS, 15,000 SRW), Egypt (55,000 SRW), Philippines (31,580 HRS, 22,120 white), and Brazil (22,000 HRW, 24,499 SRW).
  • The dollar ICE index finished lower this week, falling to its lowest point of the year. The index closed at 78.29 on Friday, which is down 4% on the year.
  • The Baltic Panamax Index closed lower this week, falling to 3,183. This is a 10% drop from last week.

File Name
PR 090731.pdf
PR 090731.xlsx
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