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April 11, 2014
  • Wheat futures closed lower this week on a bearish USDA report and disappointing export sales. Futures started the week higher when forecasts for rain last weekend failed to materialize in many of the driest parts of the U.S. Plains. New forecasts for rain this weekend pushed prices lower on Thursday. USDA increased both global and U.S. ending stocks in the WASDE update on Wednesday, pushing futures lower. CBOT May wheat fell 8 cents to $6.62/bu, KCBT lost 11 cents to $7.23/bu and MGEX closed 20 cents lower at $7.02/bu. CBOT May corn closed the week one cent lower at $5.01/bu and CBOT May soybeans added 9 cents to $14.82/bu.
  • In its monthly WASDE report, USDA increased estimated global ending stocks by 2.87 MMT to 187 MMT due to lower feed use and lower Chinese import demand. USDA increased U.S. ending stocks by an estimated 68,000 MT to 15.9 MMT, also on lower feed demand.
  • In its first crop progress report of the year on Tuesday, USDA rated 35% of winter wheat as in good or excellent condition, compared to 36% at this time last year. USDA rated 29% of the crop as poor or very poor, compared to 30% last year.
  • USDA reported weekly export sales of 41,800 MT for delivery during 2013/2014, a marketing-year low and well below trade expectations for 250,000 to 375,000 MT. Total known outstanding sales and accumulated exports through April 3, 2014 are 30.3 MMT, up from 25.7 MMT last year at this time.
  • The Baltic Panamax Index fell from 822 last week to 782.
  • The US Dollar Index decreased from 80.56 last week to 79.52.

File Name
PR 140411.pdf
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