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March 22, 2013

(See attached file: PR 130322.pdf) (See attached file: PR 130322.xls)

  • All three nearby wheat futures contracts gained this week. Technical buying ahead of USDA’s plantings report next week and strong export demand pushed futures higher. Strong demand for high protein wheat also supported KCBT and MGEX. Futures were pressured at times by a forecast for spring snowstorms from the U.S. Plains into the Midwest and by a stronger U.S. dollar. KCBT May wheat led all wheats with a 10 cent gain to close at $7.67/bu. CBOT and MGEX May contracts each added 7 cents to close at $7.29/bu and $8.03/bu, respectively. CBOT corn gained 9 cents to $7.26/bu and CBOT soybeans closed up 15 cents at $14.18/bu.
  • CBOT wheat closed at $7.37 on Wednesday, the highest since February 21. Its 2.1 percent gain was the biggest daily rally by percentage since November 27. Technical buying, short covering and firm export demand spurred the rally.
  • USDA reported old-crop export wheat sales for the 2012/13 marketing year of 484,000 MT, near the low end of analysts’ forecasts for 450,000 to 800,000 MT.
  • The Baltic Panamax Index rose for the seventh week in a row on Friday at 1208, up from 1162 last week. The index continues to find support in the South American grain harvest and the Chinese soybean business. Maritime Research's Grain Freight Index remained unchanged this week at 492.8.
  • The US Dollar Index rose this week from 82.26 to 82.53 on Friday.

File Name
PR 130322.pdf
PR 130322.xls
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