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November 2, 2012
(See attached file: PR110212.pdf)(See attached file: PR110212.xlsx)
  • Wheat futures were largely unchanged this week compared to last week. Poor export demand for US wheat and downward pressure from the soybean market was largely tempered by concerns over moisture levels for the winter wheat crop currently being planted and poor growing conditions in other parts of the world. Chicago wheat futures remained unchanged at $8.64 per bushel, Kansas City rose 1 cent to $9.09, and Minneapolis remained unchanged at $9.40. Corn futures rose 2 cents to $7.40 per bushel, buoyed by news of heavy rainfall harming Argentina's corn crop outweighing bearish corn exports. Soybean futures dropped 37 cents per bushel, pressured downward by good growing conditionsin Brazil, better than expected yields for the US crop, and lower palm oil prices.
  • Early harvest reports in Australia have proven disappointing with low yields reported in western parts of the country and low protein in eastern parts. Argentina's wheat quality is also expected to deteriorate due to high disease problems following flooding across the country's major grain belt.
  • July 2013 wheat futures rose sharply this week with the Chicago rising 10 cents per bushel, the Kansas City 20 cents, and the Minneapolis rising 2 cents. Concerns over the health of next year's winter wheat crop pushed the Chicago and Kansas City July 2013 contracts upward. The spread between the May 2013 and March 2013 contracts compared to the December 2012 contract remained largely unchanged. The forward curve continues to have an upward curve through the December 2012, March 2013, and May 2013 contracts before falling to the July 2013 contract.
  • The Baltic Panamax Index dropped 38 points this week to 766, ending the week with twelve straight days of declines. The index is being pushed downward by thin coal trading and a large supply of available ships. Maritime Research's Grain Freight Index dropped by 7.6 points to 513.4.
  • The ICE US Dollar Index rose slightly to 80.56 points from 80.16 at the end of last week.

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