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September 29, 2017
  • U.S. Wheat futures closed down this week due to the USDA estimating a larger than expected spring wheat crop and rainfall across the Southern Plains. Chicago found support due to dry conditions in the Midwest . Chicago wheat futures fell 1 cent to $4.48 per bushel, Kansas City futures fell 8 cents to $4.43 per bushel, and Minneapolis futures fell 11 cents cents to $6.24 per bushel. Corn futures rose 2 cents to $3.55 per bushel and soybean futures fell 16 cents to $9.79 per bushel.
  • Traders report tighter than expected DHV levels in the HRS crop due to rainfall during harvest bleaching kernels in some areas. DHV premiums have climbed in recent weeks.
  • Russia and Ukraine are expected to keep their winter wheat plantings at a similar level to last year, raising the chance of another large wheat crop next year. Plantings in both countries are running ahead of the five year average pace.
  • The International Grains Council raised its estimate for world wheat production by 6.0 MMT to 748.0 MMT with higher production for Russia, Canada, India, & the EU.
  • A record wheat crop combined with logistical constraints are expected to result in Russia having the largest ending wheat stocks in 25 years.
  • Continued drought in Australia is expected to push the country's wheat production to a 10 year low. The crop is expected to drop 40 percent from last year.
  • Cool temperatures and wet weather kept farmers in Western Canada from harvesting the last of their spring wheat this week.
  • Russia has exported 8.0 MMT of wheat so far this marketing year, up 22 percent compared to this same time last year.
  • Argentina's wheat crop is expected to rise slightly to 17.0 MMT, up from last year's 16.8 MMT. However, heavy rainfall is raising risk of yield and quality deterioration.
  • The UK is expected to be a net importer again this year with production below 15.0 MMT. The UK has been a net importer four out of the past six years.
  • South Africa has lowered its wheat import tariff by 60 percent due to an expected 16 percent shortfall in the country's wheat production.
  • The Baltic Dry Index closed at 1391, down from last week's 1502.
  • The US Dollar Index closed at 93.07, up from last week's 92.14.

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