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July 17, 2009

(See attached file: PR 090717.pdf)(See attached file: PR 090717.xlsx)
  • Futures traded higher this week for the first time in over a month, as short covering helped push prices up. CBOT September futures closed 23 cents/bu up from last week at $5.42/bu. KCBT September futures were up 19 cents/bu, closing at $5.67/bu. MGEX closed the week out at $6.16/bu, up 14 cents for the week. Soybeans fell 36 cents/bu and closed at $10.10/bu while corn was down 5 cents.
  • USDA reported that 71 percent of the spring wheat crop was rated good to excellent condition, down from 72 percent last week, but up from 61 percent from the previous year. The percent of spring wheat headed is up from 30% last week to 57% this week. However, this is well behind last year (81%) and the 5-year average (83%).
  • Export sales from last week were 422,500 metric tons were, down 28 percent from the previous week, but within trade estimates of 400,000 to 500,000 MT. Increases were reported for Nigeria (243,500 HRW), Mexico (42,660 HRW, 873 HRS, 26,716 SRW), Brazil (25,000 HRW, 26,000 SRW), Peru (10,000 HRW), Honduras (2,994 HRW, 2,297 HRS, 4,006 SRW), Canada (8,500 SRW), and Haiti (8,090 HRW).
  • The Baltic Panamax Index climbed to 3,324 this week, a 13% increase from last week. Destination rates were up slightly, with Gulf/Japan at $56/MT and the Pacific/Japan at $32/MT.
  • The dollar ICE index finished lower than last week. The index was 1% down from last week, closing Friday at 79.5.

File Name
PR 090717.pdf
PR 090717.xlsx
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