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May 8, 2015
  • Wheat futures closed higher this week after field scouts projected below-average yields in Kansas for the second consecutive year. However, USDA’s crop progress report on Monday showed improved winter wheat conditions overall and pushed futures lower. Weak export demand and recent rain showers also limited gains. A weaker U.S. dollar index and forecasts for potentially damaging frost in the U.S. Plains supported futures. CBOT May wheat closed 7 cents higher at $4.77/bu, KCBT added 17 cents to $5.11/bu and MGEX increased 8 cents to $5.29/bu. CBOT May corn dropped 1 cent to $3.59/bu and CBOT May soybeans gained 16 cents to $9.85/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.
  • Participants on the annual Winter Wheat Crop Quality Tour projected 2015 HRW production in Kansas at 7.85 MMT, which would be greater than last year’s official USDA calculation but below the five-year crop tour average of 8.53 MMT. Kansas’s production last year was the lowest since 1989. The group observed drought conditions and disease pressure in many areas of the state.
  • In its weekly crop progress report, USDA rated 43% of winter wheat as good or excellent as of May 3, up 1% from last week and compared to 31% last year at this time. USDA reported 75% of intended spring wheat acreage is planted, well head of the 5-year pace of 40% complete.
  • According to USDA’s Export Sales report, weekly old-crop wheat sales were a net -148,200 metric tons and new-crop sales were 446,800 metric tons. The old-crop sales fell below the range of analysts' expectations while new-crop was in line with expectations.
  • The Baltic Panamax Index closed at 594, down from 658 last week.
  • The US Dollar Index closed lower for the third consecutive week at 94.86, down from 95.42 last Friday.

File Name
PR 150508.pdf
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