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October 25, 2013
  • U.S. wheat futures closed lower this week as traders locked in profits after the market reached a four-and-a-half month high last Friday. Uncertainty surrounding the size of Argentina‚Äôs crop added pressure on Monday. Strong global wheat demand pushed markets higher mid-week but profit takers and improved prospects for U.S. wheat plantings sent futures lower to end the week. CBOT December wheat fell 15 cents to $6.91/bu, KCBT dropped 10 cents to $7.59/bu and MGEX closed 8 cents lower at $7.52/bu. CBOT December corn fell 2 cents to $4.40/bu and CBOT November soybeans added 9 cents to $13.00/bu.
  • Argentina's agriculture ministry said it will issue a new estimate for the country's 2013/14 wheat crop in the days ahead after publishing an erroneous forecast for 8.8 MMT last week. The erroneous announcement last week sent futures sharply higher. The uncertainty this week and potential for a higher adjusted estimate sent futures lower on Monday. The Buenos Aires Grain Exchange puts the crop at 10.2 MMT.
  • USDA is catching up on commercial sales reports missed during the 3 week government shutdown. On Thursday it reported sales for the week ending October 3. Net sales of 653,600 MT for delivery in the 2013/2014 marketing year were down 22 percent from the previous week and 3 percent from the prior 4-week average, and within trade expectations of 600,000 to 850,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat for the 2013/14 marketing year, through October 3, were 19.2 MMT, 44 percent greater than last year's year-to-date total of 13.4 MMT.
  • The Baltic Panamax Index fell for the first time in eight weeks, down 8% from 2,060 last Friday to 1,904. Slower freight demand from Brazil and Australia weighed heavily on the market.
  • The US Dollar Index fell from 79.7 last Friday to 79.25.

File Name
PR 131025.pdf
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