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February 14, 2014
  • All three futures markets closed at a five week high on Friday thanks principally to a bullish USDA report. In its WASDE update on Monday, USDA decreased projected US stocks more than expected and reduced total estimated global stocks. Futures dipped slightly on Wednesday as improved weather in the Midwest reduced the threat of winter kill. A strong export sales report on Thursday pushed futures higher again on Thursday. Canada‚Äôs logistical problems increased demand for high protein spring wheat and added extra support to MGEX contracts. KCBT March led the way with a 25 cent gain to close the week at $6.75/bu. MGEX added 23 cents to $6.62/bu and CBOT increased 21 cents to $5.99/bu. CBOT March corn closed 1 cent higher at $4.45/bu and CBOT March soybeans gained 6 cents to $13.38/bu.
  • In its monthly supply and demand estimates on Monday, USDA decreased US carry-out stocks by 1.4 MMT to 15.2 MMT because of increased exports. Based on strong commercial sales to date, USDA upped total expected US exports by 1.4 MMT to 32.0 MMT and above the 5-year average of 28.5 MMT. USDA decreased projected global carry-in stocks, production and carry-out stocks.
  • USDA reported weekly sales of 597,000 MT, down 7 percent from the previous week but up 12 percent from the prior 4-week average and within trade expectations of 450,000 to 750,000 MT. Total known outstanding sales and accumulated exports for the 2013/14 marketing year, through February 6, 2014 were 27.3 million metric tons (MMT), 26 percent greater than last year's year-to-date total of 21.6 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 32.0 MMT.
  • The Baltic Panamax Index rose from 1,304 last week to 1,311. Activity increased as the South American export season heats up.
  • The US Dollar Index fell from 80.77 last week to 80.20.

File Name
PR 140214.pdf
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