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November 9, 2017
Highlights:
  • US wheat futures closed higher this week on new export demand for US supplies but were limited by a higher than expected crop conditions rating and a firmer US dollar. CBOT December wheat added 3 cents to $4.29/bu, KCBT gained 2 cents to $4.29/bu and MGEX closed 19 cents higher at $6.44/bu. CBOT December corn fell 7 cents to $3.41/bu and CBOT January soybeans added 12 cents to $9.99/bu.
  • Net sales of 781,700 metric tons--a marketing year high--for delivery in marketing year 2017/2018 were up noticeably from the previous week and well above expectations of 350,000 to 550,000 MT. USDA raised its total projected 2017-18 exports for the US by 680,000 MT to 27.2 MMT.
  • Iraq's trade ministry confirmed it purchased 500,000 metric tons of U.S. wheat in a direct purchase deal outside of the tender process.
  • Bangladesh's wheat imports climbed nearly 30 percent to more than 2.1 MMT in the July to October period from a year earlier, food ministry data showed, with traders expecting the same pace in the coming months. The South Asian country has emerged as a major buyer of rice and wheat after floods destroyed its latest crops, sending staple rice prices to record highs that prompted many to switch to flour.
  • Egypt will buy wheat from its local farmers at global prices next season and will announce the price in Mid-March, the supply ministry said in a statement on Saturday. Egypt's local wheat harvest begins around mid-April and runs through July.
  • Ukrainian farmers have seeded 5.9 million hectares of winter wheat, or 96% of the expected area, the agriculture ministry said on Tuesday. Winter wheat accounts for around 95% of Ukraine's total wheat area.
  • Kazakhstan's farmers' union has asked the government to increase grain purchases into state reserves by 2-3 MMT this year to support depressed prices. The Kazakhstan government has not said how much grain it plans to buy this year. It has typically bought up to 5.5 MMT a year.
  • The Baltic Dry Index finished at 1,486 on Thursday, up slightly from 1,482 last Friday.
  • The US Dollar Index increased from 93.70 last Friday to 94.45.

File Name
PR 171109.pdf
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