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June 19, 2015
  • U.S. wheat futures closed lower for the second consecutive week on forecasts for improved weather conditions in the Southern U.S. Plains and weak demand for U.S. supplies. Much needed rain in Canada eased dry soil concerns and pressured MGEX contracts. Predictions for rain just before harvest in SRW areas limited losses. A slight easing of the U.S. dollar also supported futures. CBOT July wheat lost 15 cents to close at $4.89/bu. KCBT dropped 23 cents to $5.03/bu and MGEX fell 18 cents to $5.43/bu. CBOT July corn closed unchanged at $3.53/bu and CBOT Soybeans added 32 cents to $9.72/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.
  • According to USDA’s weekly Export Sales Report, total known outstanding sales and accumulated exports, through June 11, 2015 were 5.05 MMT, 27 percent lower than last year's year-to-date total of 6.90 MMT. Net sales totaling 315,700 metric tons were reported for delivery in 2015/2016 and were within trade expectations of 200,000 to 400,000 MT. USDA forecasts 2015/16 U.S. wheat exports to reach 25.2 MMT.
  • Following harvest delays caused by excessive rain and flooding in the Southern U.S. Plains, forecasts call for at least a week of dry weather that should allow harvest to resume. In its weekly crop progress update, USDA reported winter wheat as 11% harvested, compared to the 5-year average of 20%.
  • Additional rain is expected in the Ohio River Valley in the coming days, which would threaten the quality of mature SRW.
  • The Baltic Panamax Index closed at 851, up from 719 last week and a 43% increase from June 5.
  • The US Dollar Index closed lower this week at 94.38, down from 95.00 last Friday.

File Name
PR 150619.pdf
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