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November 20, 2009

(See attached file: PR 091120.pdf)(See attached file: PR 091120.xls)

Highlights:
  • Futures traded higher again this week as fund buying continued to support prices. CBOT nearbys reached a 5-month high, closing as high as $5.74/bu on Tuesday, and finishing at $5.59/bu on Friday. KCBT nearbys climbed 16 cents to $5.56/bu and MGEX was up 8 cents at $5.64/bu. Soybeans received a boost due to strong demand from China, finishing 59 cents higher at $10.46/bu. Corn was also up, closing at $3.91/bu.
  • Record temperatures in Australia could reduce Australian wheat production. The state of South Australia, where the wheat harvest is currently underway, has experienced higher than average temperatures over the first 15 days of November. Commonwealth Bank of Australia reduced their production forecast by 3%, to 21.6 MMT. USDA currently estimates Australian output at 23.5 MMT.
  • USDA reported winter wheat planting at 90% complete, up 4% from last week, but behind the 5-year average of 95%. The soybean harvest made significant headway and is now 89% complete, up from 75% last week. Significant progress was also made in the corn harvest, up from 37% complete last week to 54% complete this week.
  • The Baltic Panamax Index continued to climb, closing at a new 2009 high. The index closed at 4,424, an 11% gain from last week’s close. Maritime Research’s Grain Freight Index was also up, gaining 2% and closing at 575.6.
  • Export sales totaled 362,400 metric tons, a 12% drop from the previous week. Increases were reported for the Philippines (5,080 HRW, 57,800 HRS, 35,700 white), Nigeria (50,250 HRW, 27,658 SRW, 5,580 durum), Taiwan (23,392 HRW, 35,620 HRS, 8,488 white), Japan (5,910 HRW, 28,870 HRS, 320 white), Costa Rica (7,875 HRW, 10,519 HRS, 6,002 SRW, 3,066 durum), Mexico (1,626 HRW, 500 HRS, 21,274 SRW), Colombia (20,026 HRW, 1,000 SRW), Italy (20,000 durum), and Morocco (18,002 HRS).

File Name
PR 091120.pdf
PR 091120.xls
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