USW of FacebookUSW on TwitterUSW on YouTube
July 19, 2013


(See attached file: PR 130719.pdf) (See attached file: PR 130719.xls)

Highlights:
  • Wheat futures closed lower this week due to expectations for ample world supply. The advancing U.S. harvest and increased production forecasts from several major wheat exporters added pressure. Less competitive U.S. prices following last week’s futures rally weighed on markets. A strong U.S. export sales report and strength in the corn market supported wheat futures but couldn’t overcome the bearish factors. CBOT September wheat fell 17 cents to close at $6.65/bu. MGEX September wheat fell 16 cents to $7.50/bu and KCBT closed 3 cents lower at $7.05/bu. CBOT September corn closed down 2 cents at $5.44/bu and CBOT August soybeans gained 61 cents to $14.91/bu.
  • On Monday, USDA reported winter wheat harvest as 67 percent complete through July 14, up from 57 percent the prior week and compared to the five-year average of 71 percent. According to USDA, spring wheat is 71 percent headed, up from 45 percent a week earlier and the five-year average of 73 percent. USDA reports 70 percent of spring wheat is in good or excellent condition, down 2 percent from last week and compared to 65 percent at this time last year. The percentage rated poor or very poor remained unchanged from last week at 5 percent, down from 8 percent last year.
  • In its updated outlook report this week, Canada’s department of agriculture and agri-foods forecast 2013/14 wheat production at 29.2 MMT, up from 27.2 MMT last year. If realized, it will be Canada’s largest wheat crop since 1996/97.
  • According to Argentina’s Agriculture Ministry, 2013/14 domestic production will increase 33 percent from the prior year to 12.0 MMT. USDA currently projects Argentina production at 13.0 MMT.
  • The Baltic Panamax Index increased for the sixth consecutive week from 1097 to 1172. Improved grain exports from the Black Sea and Eastern U.S. ports helped push the index higher. Maritime Research's Grain Freight Index increased from 490.3. to 491.9.
  • The US Dollar Index decreased from 83.16 last Friday to 82.71.

File Name
PR 130719.pdf
PR 130719.xls
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 (http://commoncrawl.org/faq/) - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse