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May 1, 2015
  • Wheat futures closed lower this week and all three nearby months hit contract lows mid-week. Improving Northern Hemisphere crop conditions and strong global competition for exports weighed heavily on markets. News that Russia might remove its wheat export tax earlier than the July 1 expiration also added pressure. A weaker U.S. Dollar index helped limit losses. KCBT May wheat dropped 9 cents to $4.93/bu, MGEX fell 15 cents to $5.20/bu and CBOT wheat lost 16 cents to $4.70/bu. CBOT May corn dropped 5 cents to $3.60/bu and CBOT May soybeans closed 1 cent lower at $9.69/bu.
  • Current HRS price indications are for Northern Spring only. Premiums for Dark Northern Spring will vary. SRW indications are for a minimum falling number of 250. Higher minimum specifications will carry a premium.
  • USDA’s export sales report this week showed net cancellations of 449,200 metric tons for 2014/15 delivery, including significant quantities switched to 2015/16, and net sales of 852,900 metric tons for 2015/16. Total known outstanding sales and accumulated exports for the 2014/15 marketing year, through April 23, 2015 were 23.2 MMT, 26% lower than last year's year-to-date total of 31.3 MMT. USDA forecasts 2014/15 U.S. wheat exports (including donations) to reach 24.0 MMT.
  • In its weekly crop progress report, USDA rated 42% of the U.S. winter wheat crop as good to excellent, unchanged from the previous week and up from 33% last year at this time. USDA said the U.S. spring wheat crop was 55% planted, well ahead of the 5-year average of 29%.
  • The EU’s crop monitoring service increased its forecast for the 2015 soft wheat average yield to 5.89 MT/HA, up from last month’s estimate of 5.79 MT/HA. If realized, it would be 3% lower than last year but 4% greater than the 5-year average.
  • The Baltic Panamax Index closed at 658, down from 685 last week.
  • The US Dollar Index closed lower for the third consecutive week at 95.42, down from 97.10 last Friday.

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