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September 30, 2011


(See attached file: PR 110930.pdf)(See attached file: PR 110930.xls)

Highlights:
  • Wheat futures in Kansas City and Chicago traded down this week and Minneapolis futures finished the week higher. Prices declined sharply on Friday after the USDA’s release of production estimates and quarterly stock report. Wheat futures followed the collapse of corn prices, caused by corn stock estimates that were much higher than expected. CBOT lost 30 cents to end the week at $6.11/bu and KCBT ended at $7.04/bu, down 27 cents from last week. MGEX gained 41 cents, ending the week at $8.92/bu. The CBOT nearby corn contract lost 46 cents to end at $5.93/bu and the January CBOT soybean contract ended at $11.92/bu, a 78 cent loss.
  • The USDA released its Grain Stocks Report on Friday, in which it showed larger than expected U.S. inventories of wheat and corn. The 2011/12 all wheat inventory totals 2.15 billion bushels (58.5 MMT), down 12 percent from a year ago. Estimated U.S. corn inventory is 1.13 billion bushels (28.7 MMT), a 34 percent decrease from last year.
  • In its annual Small Grains Summary released Friday, USDA reported 2011/12 U.S. wheat production at 2.01 billion bushels (54.7 MMT), down 9 percent from 2010/11. Winter wheat production increased 1 percent in 2011/12 to 1.49 billion bushels (40.6 MMT), spring wheat production declined 25 percent to 462 million bushels (12.6 MMT) and durum production declined 51 percent to 51.9 million bushels (1.41 MMT). Spring wheat and durum estimates are reductions from the latest WASDE report, likely contributing to the strength of the MGEX.
  • The dollar gained for the fifth week in a row, remaining at its highest point since mid-February 2011. The ICE Dollar Index stood at 78.60 on Friday, up from 78.28 a week ago.
  • The Baltic Panamax Index gained this week due to increased cargo activity. The index stood at 1,726 on Friday, up from 1,541 a week ago.

File Name
PR 110930.pdf
PR 110930.xls
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