USW of FacebookUSW on TwitterUSW on YouTube
April 9, 2010

(See attached file: PR 100409.pdf)(See attached file: PR 100409.xls)

Highlights:
  • Futures prices traded higher this week, primarily due to a rally on Tuesday sparked by short covering and the news that Iraq purchased 50,000 MT of U.S. HRW wheat. The rally continued Wednesday as spillover from gains in corn pushed wheat prices up. The CBOT May contract gained 11 cents on the week to close at $4.65/bu. KCBT was up 13 cents, to $4.83/bu, and MGEX gained 12 cents, to $5.01/bu. Corn prices made large gains on Wednesday based on the rumor China may buy U.S. corn, but came down by week’s end. CBOT corn gained 1 cent on the week, closing at $3.45/bu. Soybeans were up 10 cents, to $9.52/bu.
  • In their April WASDE report released today, USDA decreased their U.S. ending stocks estimate by 1.4 MMT, to 25.8 MMT. The decrease was due to a greater export projection and increased domestic use. USDA increased the U.S. export estimate by 1.1 MMT, placing total projected U.S. exports at 23.5 MMT.
  • Favorable growing conditions continued across the Great Plains for the winter wheat crop. USDA reports that 65 percent of the crop is in either excellent or good condition, up from 43 percent a year ago.
  • Commercial sales for the week ending April 1, 2010 reached 323,700 metric tons (MT), with increases reported for the Philippines (35,000 HRS, 31,075 white), China (55,000 HRS, 620 white), Taiwan (18,650 HRW, 29,050 HRS), Japan (59,740 HRS, -14,420 white), and South Africa (31,941 SRW). USDA also reported sales for delivery in 2010/11 at 209,700 MT. This puts new marketing year (NMY) sales to date at 956,279 MT, which is up 21 percent from NMY sales this time last year.
  • The Baltic Panamax Index received support this week from grain fixtures out of South America. The index closed at 3,952 on Friday, which is up 7 percent (3,708) from last week.

File Name
PR 100409.pdf
PR 100409.xls
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 (http://commoncrawl.org/faq/) - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse