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April 24, 2015
  • Nearby wheat futures contracts closed mixed this week. Better than expected weekly sales provided a boost but fundamentally weak export demand limited gains. A softer U.S. dollar and dry conditions in the Northern U.S. Plains both added support. U.S. spring wheat planting progress is ahead of average and weighing on futures. Technical sales and ample world supplies also pushed futures lower. CBOT May wheat lost 9 cents to $4.86/bu and KCBT fell 7 cents to $5.02/bu. MGEX added 2 cents to close at $5.35/bu on Friday. CBOT May corn dropped 15 cents to $3.65/bu and CBOT May Soybeans gained 1 cent to $9.70/bu.
  • Current HRS price indications are for Northern Spring only. Premiums for Dark Northern Spring will vary. SRW indications are for a minimum falling number of 250. Higher minimum specifications will carry a premium.
  • USDA reported the U.S. spring wheat crop was 36% planted as of April 19, up from 17% the previous week and well ahead of the five-year average of 19% planted.
  • Statistics Canada projected 2015 Canadian all-wheat seeding at 24.8 million acres, above the average trade estimate of 24.2 million and up 4% from 2014.
  • Russian agricultural consultancy IKAR raised its forecast for Russia's 2015 wheat harvest to between 54 million and 59 million tons, up from its previous range of 52 million to 57 million due to the good condition of the winter crop and adequate soil moisture.
  • Weekly commercial wheat sales rebounded this week to 397,500 MT, eclipsing trade expectations of zero to 100,000 MT. According to the USDA’s weekly Export Sales Report, total known outstanding sales and accumulated exports for the 2014/15 marketing year, through April 16, 2015 were 23.7 MMT, 24% lower than last year's year-to-date total of 31.1 MMT. USDA forecasts 2014/15 U.S. wheat exports to reach 24.0 MMT.
  • The Baltic Panamax Index closed at 685, up from 642 last week.
  • The US Dollar Index closed lower for the second straight week at 97.10, down from 97.69 last Friday.

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PR 150424.pdf
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