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November 1, 2013
  • Wheat futures fell sharply this week as rising competition on the export market combined with easing demand for U.S. exports. Timely rain in the U.S. plains and spillover weakness in the corn market added pressure to wheat markets. KCBT and MGEX December contracts each fell 35 cents to $7.34/bu and $7.26/bu, respectively. CBOT December wheat lost 38 cents to close at $6.68/bu. CBOT December corn dropped 14 cents to $4.27/bu and CBOT November soybeans lost 25 cents to $12.66/bu.
  • Warmer, drier weather in the Black Sea region has eased worries about lost wheat area after a rain-hampered start to the planting season last month.
  • Rain in Argentina during the past month provided much needed relief to dry wheat fields ahead of harvest. Reports indicate that certain areas still need more water but conditions have improved.
  • India lowered the minimum export price for wheat from government warehouses by 13% to $260/MT to help boost shipments. As of September 12, USDA estimated total Indian exports at 5.5 MMT, the third highest on record.
  • The International Grains Council raised its 2013/14 global wheat production forecast by 3.0 MMT to 696 MMT on improved outlooks in Canada and Kazakhstan.
  • USDA reported collective export wheat sales of 1.31 MMT for the three weeks ending October 24, below analysts’ expectations of 1.5 to 2.0 MMT. Total known outstanding sales and accumulated exports of all classes of wheat for the 2013/14 marketing year were 20.5 MMT, 39 percent greater than last year's year-to-date total of 14.7 MMT.
  • The Baltic Panamax Index fell for the second consecutive week from 1,904 last Friday to 1,631. The index fell 21% in a two week period. Lighter demand for grain exports in Brazil and waning spillover demand from the capsize market pressured the index.
  • The US Dollar Index increased from 79.25 to 80.81.

File Name
PR 131101.pdf
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