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January 16, 2015
  • U.S. wheat futures closed lower this week after USDA reinforced news of record world supplies in a monthly report. Slow export sales due to strong competition also weighed on markets. Forecasts for beneficial rain in the U.S. plains plus spillover weakness in corn pushed futures lower. CBOT March wheat lost 31 cents to $5.33/bu, KCBT dropped 24 cents to $5.77/bu and MGEX closed 19 cents lower at $5.85/bu. CBOT March corn fell 13 cents to $3.87/bu and CBOT March soybeans dropped 61 cents to $9.92/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.
  • In its monthly WASDE update, USDA increased projected 2014/15 U.S. and global ending stocks more than analysts had expected, sending U.S. futures higher. USDA pegged global ending stocks at 196 MMT, which would be 6% higher than last year. U.S. ending stocks will reach an estimated 18.7 MMT, a 16% increase from last year but below the 5-year average of 21.2 MMT.
  • According to the USDA's Export Sales Report, weekly sales of 284,700 metric tons for delivery in the 2014/2015 marketing year were on the low end of trade expectations of 250,000 to 450,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat, through January 8, 2015 were 18.9 MMT, 24% lower than last year's year-to-date total of 24.9 MMT. USDA forecasts 2014/15 U.S. wheat exports (including donations) to reach 25.2 MMT.
  • The Baltic Panamax Index closed at 759, down from 764 last Friday.
  • The US Dollar Index closed at 93.00 on Friday, up from 92.15 last week.

File Name
PR 150116.pdf
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