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September 9, 2011

(See attached file: PR 110909.pdf)(See attached file: PR 110909.xls)

  • Wheat prices traded lower this week on all three U.S. exchanges, pressured mostly from a strengthening dollar and growing concern about the European debt situation. The continuing drought in the U.S. Southern Plains is a supportive factor for the market but has been unable to offset the macro concerns. KCBT saw the largest decline this week, down 48 cents to close at $8.10/bu. CBOT lost 29 cents to end at $7.01/bu, while MGEX lost 38 cents on the week to close at $9.46. Trading volume was light on Friday ahead of USDA’s monthly Supply and Demand report released Monday. CBOT corn prices lost 24 cents this week to close at $7.26/bu and CBOT Soy prices ended at $14.09/bu, down 27 cents.
  • Statistics Canada released a report Wednesday indicating that its wheat stocks dropped less than expected, year over year. Total stocks of Canadian wheat decreased 8.2% to 7.2 million tons from one year ago. Analysts had projected wheat supplies to range from 5.5 million to 6.8 million tons.
  • U.S. export sales were higher than trader expectations this week. Net sales reached 512,200 MT, above trade estimates of 350,000 MT to 450,000 MT. Increases were primarily for unknown destinations (172,200 HRW, 50,600 HRS, -21,200 SRW, 49,800 white), Mexico (34,237 HRW, -125 HRS, 14,816 SRW, 20,000 white), Taiwan (13,396 HRW, 27,450 HRS, 13,820 white), Nigeria (35,875 HRW, 10,742 SRW), Peru (10,440 HRW, 25,446 SRW), and the Philippines (30,057 HRS, 1,400 white).
  • The ICE Dollar Index rose for the second week in a row amid mounting concern about the European economy. The index stood at 76.3 on Friday, up 2 percent from 74.79 last week.
  • The Baltic Panamax Index rose this week supported by firm coal and iron bookings. The index stood at 1,685 on Friday, up from 1,630 a week ago.

File Name
PR 110909.pdf
PR 110909.xls
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