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September 10, 2010
(See attached file: PR 100910.pdf)(See attached file: PR 100910.xls)
  • Wheat prices were steady this week with news of larger than expected Canadian and Russian wheat stocks countering large US export sales and reports of frost forecasts for the Canadian prairies. CBOT nearby prices lost 3 cents, closing at $7.05/bu. KCBT gained 4 cents on the week, closing at $7.47/bu, while MGEX gained 1 cent, to $7.43/bu. CBOT corn prices gained 15 cents, reaching their highest level since October of 2008. Traders are increasingly worried about tightening corn stocks, the stocks to use ratio is at its lowest level in 15 years. CBOT corn closed at $4.49/bu on Friday. CBOT soy prices were lower, the USDA reported soy will have the highest ending stocks to use ratio in the last four years. CBOT soy was down 10 cents, to $10.19/bu.
  • The European Union exported 943.0 TMT of wheat this week. This is the highest weekly volume exported by the EU in the last three years.
  • Ukraine's customs officials are reportedly blocking the departure of 24 vessels carrying an estimated 379.0 TMT of grain. Traders claim that the country's customs are effectively creating an unofficial ban on Ukrainian grain exports.
  • Traders are reporting that increased demand for US corn, soybeans, and wheat is creating logistics issues. Many export elevators are reporting that they no longer have available loading capacity for the rest of the fall. High demand for US grains is also causing sourcing problems due to the limited number of railcars and river barges available to move the grain from the interior to the export elevators.
  • The Saskatchewan government reported that its grain harvest is only 13.0 percent complete, well behind the 5 year average of 35.0 percent. Heavy rains are slowing the harvest to a crawl and fears are growing of frost in the near future. The same rains are affecting the harvests in North Dakota and Montana.
  • US Export sales were in line with trader expectations this week providing support for wheat prices. Net sales reached 953,400 MT, right in the middle of trade estimates of 800,000 to 1,000,000 MT. Increases were reported for Japan (39,893 HRW, 69,613 HRS, and 39,454 white), South Korea (25,961 HRW, 14,980 HRS, and 81,679 white), Egypt (115,867 HRW), Indonesia (20,000 HRW and 41,000 white), Taiwan (38,030 HRS and 13,700 white), and Chile (43,450 HRW).
  • The Dollar Ice Index rose to 82.74 on Friday, up from 82.06 a week ago. The dollar was supported by news that the Chinese trade surplus narrowed more than expected in August.
  • The Baltic Panamax climbed to 3,396 this week, up from 3,121 a week ago. The index is being driven up on increased demand for coal, iron ore, and grains.

File Name
PR 100910.pdf
PR 100910.xls
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