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January 17, 2014
  • All three wheat futures closed lower for the sixth consecutive week. On Monday, KCBT nearby contract closed at its lowest point in 20 months on Monday. Abundant global supplies continue to pressure markets despite a pickup in export demand this week. Concerns about crop development and the need for moisture in the U.S. plains provided some support mid-week. CBOT March wheat fell 6 cents to close at $5.64/bu. KCBT and MGEX March contracts each dropped 3 cents to $6.23/bu and $6.18/bu, respectively. CBOT March corn lost 9 cents to $4.24/bu and CBOT March soybeans added 38 cents to $13.17/bu.
  • Egypt purchased U.S. wheat in each of its last two tenders. It was the first sale of U.S. wheat to the world’s top wheat importer in the 2013/14 marketing year.
  • Ukraine increased its official 2013/14 wheat production estimate from 22.0 MMT to 22.3 MMT this week, compared to 15.8 MMT last year.
  • According to USDA’s weekly export sales report, net wheat sales of 319,900 MT for delivery during the 2013/2014 marketing year were up noticeably from the previous week, but down 20% from the prior 4-week average and below trade expectations of 350,000 to 600,000 MT. USDA forecasts 2013/14 U.S. wheat exports to reach 30.6 MMT. Total known outstanding sales and accumulated exports of all classes of wheat for the 2013/14 marketing year, through January 9, 2014 were 24.9 MMT, 25% greater than last year's year-to-date total of 19.8 MMT.
  • The Baltic Panamax Index fell from 1,621 last week to 1,564.
  • The US Dollar Index increased from 80.75 last week to 81.36.

File Name
PR 140117.pdf
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