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May 25, 2007

(See attached file: PR070525.xls) (See attached file: PR070525.pdf)
  • Wheat prices rallied this week, supported by concerns over excessive rain in the US plains, dry and hot weather in eastern Ukraine, and a frost warning covering most of Saskatchewan and parts of Manitoba.
  • The International Grains Council lowered its estimate for world wheat production by 3.0 MMT, and put stocks at 115.0 MMT, the lowest level since 1981.
  • Weekly US export sales for wheat came in at 663,800 MT, which was ahead of trade expectations for 400,000-600,000. Sales of 2007/08 wheat were impressive at 800,300 MT, putting total new crop purchases to date at 2.138 MMT.
  • CBOT SRW nearby futures were up $0.30/bushel from last week, while the KCBT was up $0.23/bushel and the MGE ended $0.25/bushel higher from last Friday‚Äôs close
  • SRW futures are now trading at a $0.11/bushel premium to HRW (July Delivery), HRW at a $1.07/bushel ($39/MT) premium to corn up from $0.95/bushel ($35/MT) last week. SW premium to SRW moved down $2/MT to $27/MT.
  • Ocean freight in the Pacific came down 12 percent this week, putting the key PNW/Japan route at $46/MT.

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