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January 4, 2010

(See attached file: PR 100104.pdf)(See attached file: PR 100104.xls)

Highlights:
  • Wheat prices reached a one-month high on Monday as fund buying, along with a weaker dollar, continued to support commodity prices. CBOT nearbys closed at $5.57/bu, up 7 cents from last week. KCBT and MGEX March contracts were both up 4 cents, to $5.50/bu and $5.61/bu, respectively. Along with fund buying, continued demand from China pushed soy prices higher. CBOT soybean nearbys closed 20 cents higher on the week, at $10.58/bu. Corn nearbys were up 2 cents, to $4.18/bu.
  • Argentina’s Agriculture Ministry announced it would provide tax rebates to small- and medium-sized wheat growers, along with authorizing 240,000 tons of wheat for export. The announcements come after higher than expected crop yields and beneficial rains that have alleviated drought conditions. The Agriculture Ministry currently estimates 2009/10 production at 7.0 MMT and the harvest at 71% complete.
  • Export sales were up 67% this week, reaching 370,300 metric tons. Increases were reported for unknown destinations (28,200 HRW, 316 HRS, 50,000 white), the Philippines (38,000 HRS, 14,600 white), South Korea (11,350 HRW, 12,578 HRS, 357 SRW, 26,871 white), Cuba (49,500 HRW), and Mexico (28,572 HRW, 505 HRS, 20,241 SRW).
  • The Baltic Panamax Index (BPI) rose to 3,823 on Monday, up from 3,567 since the index’s last trading session on December 24. The rally was due to increased cargo interest after a holiday lull.
  • The ICE dollar index was down from last week, at 77.48 compared to 77.64 a week ago. This is the index’s lowest point in over two weeks.

File Name
PR 100104.pdf
PR 100104.xls
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