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September 5, 2014
  • U.S. wheat futures closed lower this week on poor export demand and large world supply. A ceasefire agreement between Russia and Ukraine reduced concerns about a possible disruption in Black Sea exports and pushed markets lower. A stronger U.S. dollar and spillover weakness from corn and soybean futures also added pressure. Much needed rains ahead of winter wheat planting in the southern U.S. Plains weighed on markets. Losses on nearby MGEX and KCBT contracts were limited by rain delayed harvest and quality concerns. CBOT September wheat fell 19 cents to $5.32/bu and KCBT September dropped 7 cents to $6.20/bu. MGEX September added 11 cents to close at $6.26/bu.
  • HRS protein spreads widened this week due to limited supplies of high protein wheat in the early stages of harvest.
  • According to analytical firm SovEcon, Russian grain exports in the month of August set a new record at 4.5 MMT, including 4.2 MMT of wheat. Ukrainian grain exports reached a reported 5.0 MMT in July and August, up from 3.3 MMT during the same period last year.
  • According to the U.S. Department of Export Sales Report, weekly net sales of 168,800 metric tons for delivery in the 2014/2015 marketing year were down 58% from the previous week and 56% from the prior 4-week average and below trade expectations of 250,000 to 450,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat, through August 28, 2014 were 11.5 MMT, 27% lower than last year's year-to-date total of 15.8 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 25.2 MMT.
  • The Baltic Panamax Index closed 60 points higher than last Friday at 931.
  • The US Dollar Index closed higher this week at 83.71, up from 82.77.

File Name
PR 140905.pdf
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