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March 9, 2007
(See attached file: PR030907pub.xls) (See attached file: PR030907pub.pdf)
  • Highlights
  • As expected, today's USDA supply and demand report was seen as mostly neutral for wheat, corn and soybeans. Global wheat production for 2006/07 was raised 1.1 MMT to 593.1 MMT due mostly to higher production in India. Ending stocks are seen up 400.0 TMT as higher stocks in India and Australia offset a reduction in the EU-25.
  • CBOT SRW nearby futures were up 6 cents/bu from last week, while the KCBT was up 1.5 cents and the MGE ended 5 cents up from last Friday's close.
  • The corn/SRW futures spread edged up this week, ending at 57 cents/bu at the CBOT, up from 49 cents/bu last week.
  • The SW premium to SRW shot up 9 cents/bu this week to 73 cents/bu ($27/MT).
  • Ocean freight rates hit multi-year highs on S. American harvest and continued strong demand from China. Pacific Ocean rates moved up $4/MT to $48/MT for shipments to Japan while rates in the Gulf are seen up $2/MT to $70/MT.

File Name
PR030907pub.xls
PR030907pub.pdf
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