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December 18, 2009

(See attached file: PR 091218.pdf)(See attached file: PR 091218.xls)

Highlights:
  • Wheat prices fell for a fourth consecutive week as a strengthening dollar continued to pressure prices. The dollar rallied on Thursday, causing a 3.5% drop in CBOT nearbys. Overall, the CBOT March contract was down 9 cents, closing at $5.28/bu. KCBT wheat prices fell 3 cents to $5.24/bu and MGEX was down 7 cents, at $5.35/bu. Soybean prices, pressured by a strong dollar, dropped to a one-month low on Thursday and finished the week at $10.20/bu. Corn was also down, falling 6 cents to $3.97/bu.
  • French analyst Strategie Grains released their first crop production estimates for 2010, forecasting a 3% increase in soft wheat production for the European Union. Strategie Grains expects the 2010 EU crop to reach 133.3 MMT, with the largest increases in the United Kingdom, Germany, Spain, and Romania.
  • Ukraine’s State Statistics Committee released planted area estimates for next year’s winter wheat crop. The Committee estimates that 6.7 million hectares (mh) were planted, an increase of 2.6% from last year. UkrAgroConsult currently estimates planted area at 6.4mh, with 88% of the crop in either good or satisfactory condition.
  • The Baltic Dry Index (BDI) fell for a tenth consecutive session to 3,258, a 9% decline from last week and its lowest point since November 3. The Baltic Panamax Index (BPI) continued sinking this week as well, losing 225 points on the week to close at 3,448. Destination routes were also down, with Gulf/Japan at $68/mt and PNW/Japan at $37/mt.
  • The dollar climbed for a third consecutive week, reaching a three-month high. The ICE dollar index was at 77.73 on Friday, up from 76.52 a week ago.

File Name
PR 091218.pdf
PR 091218.xls
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