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October 9, 2009

(See attached file: PR 091009.pdf)(See attached file: PR 091009.xls)
  • Futures finished higher on the week due to a weakening dollar and strong export sales. CBOT December contracts climbed 27 cents on the week and closed at $4.68/bu. KCBT and MGEX nearbys were both up 26 cents, with KCBT closing at $4.85/bu and MGEX at $5.04/bu. Corn and Soybeans also made strong rallies on the week, with corn up 29 cents at $3.62/bu and soybeans up 75 cents at $9.67/bu.
  • USDA released their October World Agricultural Supply and Demand Estimates (WASDE) report on Friday. The report increased global wheat production by 4.0 MMT, to 668 MMT. The WASDE also forecasted an increase in U.S. production (60.4 MMT), largely due to an increase in hard red spring production, which was up 8% from last month’s estimate.
  • Export sales reached a marketing year high last week. Sales were 767,300 metric tons, which was up 43 percent from the previous week and exceeded trade estimates of 400,000 to 600,000 MT. Increases were reported for Nigeria (137,920 HRW, 14,265 HRS, 6,906 durum), Taiwan (34,960 HRW, 41,560 HRS, 10,946 white), Japan (16,900 HRW, 61,695 HRS, 8,180 white), Morocco (52,000 durum), Thailand (15,280 HRW, 24,056 HRS, 10,714 white), Philippines (26,600 HRS, 21,400 white), Yemen (40,000 white), Chile (7,150 HRW, 30,250 white), and Canada (25,000 HRS, 12,000 SRW, 327 white).
  • The ICE dollar index fell this week, reaching its lowest point since September 2008. The index made a small rally on Friday to close at 76.40, down from 77.00 last week.
  • The Baltic Panamax Index was up on the week, climbing 344 points to close at 2,705. Destination routes were also up, with PNW/Japan at $32/mt and Gulf/Japan at $58/mt.

File Name
PR 091009.pdf
PR 091009.xls
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