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March 28, 2013


(See attached file: PR 130328.pdf) (See attached file: PR 130328.xls)

Highlights:
  • In a short trading week ahead of the Easter holiday, U.S. wheat markets gave back small gains made early in the week and closed significantly lower than last Friday. USDA’s prospective planting report revealed much higher projected corn and soybean acreage than analysts had anticipated, which caused those markets to plunge and wheat followed. Friday was the largest daily drop for wheat since September 2011. CBOT May wheat fell 6 percent (42 cents) since last Friday to $6.88/MT after hitting a 5-week high on Wednesday. KCBT lost 35 cents to $7.27/bu and MGEX dropped 23 cents to close at $7.80/bu. CBOT May corn dropped 31 cents to $6.95/bu thanks in part to a limit-down day on Thursday. CBOT May soybeans fell 36 cents to close at $14.05/bu.
  • In its prospective plantings report released Thursday, USDA projected 2013 wheat plantings for the 2014 harvest to be 56.4 million acres, a 1 percent increase from 2012. USDA put intended corn acres at 97.3 million, up slightly from 2012 and up 6 percent from 2011. If realized, it will be the highest planted corn acreage in the US since 1936. Soybean planted area for 2013 is estimated at 56.4 million acres, down slightly from last year but the fourth highest on record, if realized.
  • U.S. wheat futures rose on Tuesday as freezing temperatures in the U.S. Plains raised concerns about damage to HRW crops that have already been stressed by drought-like conditions for much of their development.
  • U.S. commercial sales of 580,300 MT this week exceed trade estimates of 200,000 to 475,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat for the 2012/13 marketing year, through March 21, 2013 were 25.3 MMT, less than 1 percent lower than last year's year-to-date total of 25.4 MMT. Strong export demand supported futures on Wednesday.
  • The Baltic Panamax Index fell for the first time in eight weeks to 1176, down from 1208 last week. After 33 consecutive days of gains, the slide indicates that a sufficient amount of freight has been supplied to the market for the time being. The South American grain harvest is not complete and will continue to demand vessels. Maritime Research's Grain Freight Index remained unchanged this week at 492.8
  • The US Dollar Index rose this week from 82.53 to 83.18 on Friday.

File Name
PR 130328.pdf
PR 130328.xls
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