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November 8, 2013
  • U.S. wheat futures fell for the third consecutive week. Weakening export demand and strong prospects for the recently planted winter crop in the U.S. Plains pushed markets lower. Spillover weakness from the corn market midweek and a bearish WASDE report on Friday added pressure. KCBT December wheat lost 25 cents to close at $7.09/bu. CBOT and MGEX December contracts each fell 18 cents to close at $6.50/bu and $7.08/bu, respectively. CBOT December corn dropped 1 cent to $4.27/bu and CBOT November soybeans added 40 cents to $13.06/bu.
  • On Friday, USDA released its updated world agricultural supply and demand estimates (WASDE). Global production fell from an estimated 709 MMT in September to 706 MMT with lower output from Argentina, Russia and Kazakhstan offsetting higher production in Canada. USDA decreased estimated total consumption 3.0 MMT to 703 MMT and estimated global trade by 800,000 MT to 154 MMT. Projected U.S. wheat ending stocks of 15.4 MMT were higher than analysts expected and pressured markets. The October WASDE was cancelled due to a partial government shutdown.
  • According to USDA’s weekly report, net wheat sales of 416,800 MT for delivery in the 2013/2014 marketing year were within trade expectations of 350,000 to 500,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat, through October 31, 2013, were 20.9 million metric tons (MMT), 40 percent greater than last year's year-to-date total of 14.9 MMT.
  • As of November 3, USDA rated 63% of the winter wheat crop as in good or excellent condition, compared to 61% the previous week and 39% a year ago. USDA reports 91% of intended winter wheat acres as planted, equal to last year’s progress and better than the 5-year average of 90%.
  • The Baltic Panamax Index fell for the third consecutive week from 1,631 last Friday to 1,564. The index fell 24% in a three week period. Lighter demand for iron-ore shipments to China pressured the market.
  • The US Dollar Index increased from 80.81 to 81.38.

File Name
PR 131108.pdf
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