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November 6, 2009

(See attached file: PR 091106.pdf)(See attached file: PR 091106.xls)

  • Wheat prices surged early in the week due to fund buying and a falling dollar, but came back down as slow exports and spillover from corn and soybeans put pressure on prices. Overall, nearby contracts traded slightly higher, with CBOT gaining 3 cents on the week, at $4.97/bu. KCBT nearbys were 2 cents higher, at $5.01/bu, while MGEX gained 5 cents, closing at $5.18/bu. With the improved harvest weather, soybeans dropped 21 cents on the week and closed at $9.55/bu. Corn was up 1 cent, to $3.67/bu.
  • Winter wheat planting, along with the corn and soybean harvests, picked up pace this week as weather conditions improved across the Midwest. USDA’s latest Crop Progress report puts winter wheat sowing at 79% complete, down from the 5-year average of 90%. The percentage emerged is 64%, down from 74% this time last year and a 5-year average of 75%.
  • Export sales were down 18% from the previous week, to 284,500 metric tons. Increases were reported for Mexico (37,330 HRW, 15,000 HRS, 15,704 SRW), Iran (60,000 white), Thailand (9,000 HRW, 20,500 HRS, 18,000 white), China (36,589 SRW), Nigeria (31,081 HRW), South Korea (5,245 HRW, 7,820 HRS, 7 SRW, 10,066 white), Japan (22,260 HRW, 420 HRS, 330 white, -250 durum), the Netherlands (22,479 durum), and Colombia (17,600 HRW, -175 SRW).
  • The U.S. dollar came back down after posting gains last week. The ICE dollar index reached a low of 75.64 on Wednesday and finished the week at 75.80. This is down from 76.30 a week ago.
  • Ocean freight rates continued to rally this week. Maritime Research’s Grain Freight Index closed at 550.5, up from 541.7 last week. The Gulf/Japan route was $4/mt higher, to $70/mt. PNW/Japan is currently at $39/mt.

File Name
PR 091106.pdf
PR 091106.xls
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