USW of FacebookUSW on TwitterUSW on YouTube
April 24, 2009

(See attached file: PR 090424.pdf) (See attached file: PR 090424.xlsx)

Highlights:
  • Futures rallied this week with the MGE leading other markets higher amid tight deliverable wheat stocks of HRS and delayed spring wheat planting. For the week, nearby CBOT wheat futures finished 9 cents/bu higher, KCBT was up 17 cents/bu and MGE ended 29 cents/bu higher at $6.65/bushel. Soybeans closed the week down 10 cents/bu at $10.40/bushel while corn finished flat at $3.77/bushel.
  • Farmers in North Dakota and Minnesota made little spring wheat planting progress due to wet conditions. Reports suggested that farmers will not be able to enter the fields until early to mid May. Later planting could result in a short growing season which could lower yields and leave the crop more susceptible to weather damage. USDA reported spring wheat planting to be 5 percent complete, up from 2 percent last week, but well behind the five year average of 21 percent for this time of year.
  • USDA indicated that 43 percent of the US winter wheat crop was rated in good or excellent condition, up slightly from the previous week, but lower than conditions this time last year. Crop conditions in Oklahoma and Texas continued to decline, but were mostly offset by improvements for other HRW producing states.
  • Wheat export sales for the week were 431,500 metric tons (MT) (232,200 MT old-crop), which exceeded trade estimates for 300,000 to 400,000 MT. HRW accounted for 70 percent of old-crop movement with notable sales to Nigeria (90,000 MT), Venezuela (19,000 MT) and Japan (16,100 MT). Taiwan and Korea accounted for nearly 80 percent of the 199,300 MT of new crop sales. Year-to-date new-crop sales are now at 1.18 MMT, down from 3.3 MMT of new-crop sales at this time last year.
  • Statistics Canada reported area planted to wheat for 2009/10 was 60,000 hectares higher than last year at 10.2 million hectares. Spring wheat (ex-durum) is expected to be 391,000 hectares above last year at 7 million hectares while durum area is five percent lower at 2.3 million hectares.
  • Freight indices were slightly higher this week with the Baltic Panamax index ending up 7 percent at 1662. The Atlantic/Gulf to Asia component of the BPI was up 1 percent to 20,869 while the Pacific/Asia component was 19 percent higher at 13,911.

File Name
PR 090424.pdf
PR 090424.xlsx
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 (http://commoncrawl.org/faq/) - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse