USW of FacebookUSW on TwitterUSW on YouTube
September 13, 2013
  • U.S wheat futures fell this week due to abundant world supply and limited export demand for U.S. wheat. Forecasts for rain in the U.S. Plains that could increase soil moisture ahead of winter wheat plantings added pressure to futures on Friday. KCBT September wheat suffered the largest drop, down 24 cents to $6.85/bu. CBOT fell 7 cents to $6.28/bu and MGEX closed 3 cents lower at $7.05/bu. CBOT September corn dropped 42 cents to $4.50/bu and CBOT September soybeans added 52 cents to $14.89/bu.
  • The price premium for high protein spring wheat increased this week because harvest reports indicate a smaller supply of high protein wheat.
  • In its monthly supply and demand estimate updates on Thursday, USDA increased projected world production by 3.5 MMT to 709 MMT. Slightly lower estimated beginning stocks and domestic feed use left higher expected ending stocks of 176 MMT. USDA increased Canada‚Äôs production estimate by 2.0 MMT to 31.5 MMT.
  • USDA reported weekly wheat sales of 543,900 MT for delivery in the 2013/2014 marketing year, down 19 percent from the previous week and 1 percent from the prior 4-week average but within trade expectations of 450,000 to 650,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat for the 2013/14 marketing year, through September 5, 2013 were 16.4 million metric tons (MMT), 38 percent greater than last year's year-to-date total of 11.9 MMT. USDA forecasts 2013/14 U.S. wheat exports to reach 29.9 MMT.
  • In its first supply and demand estimates for the 2013/14 July-June season, French analyst FranceAgriMer projected French production at 36.7 MMT, up from 35.5 MMT last year. Estimated soft wheat exports to non-EU countries are 11.0 MMT, up from 9.9 MMT in 2012/13.
  • Australia trimmed its forecast for wheat production by more than 3 percent to 24.5 MMT due to dry weather across key growing areas. If realized, Australia's crop would be up from 2012/13 production of 22.1 MMT and the country's sixth biggest ever.
  • The Baltic Panamax Index jumped 29% this week to 1,306. Strong demand for iron ore and coal supported the index.
  • The US Dollar Index closed mostly fell from 82.46 last Friday to 81.46

File Name
PR 130913.pdf
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 (http://commoncrawl.org/faq/) - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse