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November 16, 2007

(See attached file: PR071116pub.pdf) (See attached file: PR071116pub.xls)

  • US wheat futures ended the week mixed with CBOT nearby contracts closing 12 cents per bushel lower to $7.50 per bushel. KCBT closed 10 cents lower for the week, while the MGEX ended 8 cents per bushel higher.
  • US export sales came in at 416.0 TMT from the previous week's marketing-year low, but were 4 percent below the prior 4-week average. Exports came in ahead of trade estimates for 200.0 to 400.0 TMT. Cumulative sales have already reached 86.3% of the USDA forecast for the 2007/08 marketing year, up from the five-year average of 59.4 %. Reported cancellations were down significantly from last week with 32.7 TMT, which includes 23.0 TMT for unknown destinations and 9.7 TMT for Spain.
  • USDA reported US winter wheat was 95 percent planted, up 3 percent from the previous week, and on par with the five-year average. Emergence was reported at 82 percent, compared with the five-year average of 86%. As expected, winter wheat conditions declined due to a lack of rain in the western sections of the Southern Plains. Combined good to excellent ratings fell to 49 percent, down from 53 percent the previous week and 59 percent last year.
  • Argentina's Agricultural Secretary signed a resolution to reopen the wheat export registry this week. The federal government made one significant change to the export rules. Firms are now allowed 90 days from the time they register their sale and the actually shipment date, compared to the previous one year window.
  • The FOB range for Durum moved lower this week to $620/MT to $635/MT from last week's level of $690/MT to $710/MT.

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