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May 29, 2015
  • All three wheat futures markets closed lower this week after a stronger U.S. dollar triggered sharp declines on Tuesday. The dollar softened later in the week but wheat futures did not recover. The dollar's move combined with technical selling overshadowed fears about crop damage in the southern U.S. Plains following heavy rain and flooding in Texas and Oklahoma. A lack of demand for U.S. wheat amid ample world supply continues to pressure futures. CBOT and MGEX July contracts each lost 38 cents to close at $4.77/bu and $5.31/bu, respectively. KCBT dropped 48 cents to $4.99/bu. CBOT July corn fell 9 cents to $3.52/bu and CBOT July soybeans added 10 cents to close at $9.34/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.
  • The International Grains Council raised its 2015/16 global wheat production forecast to 715 MMT, up from a previous forecast of 705 MMT but below the 2014/15 output of 721 million.
  • In its weekly update, USDA left U.S. winter wheat condition ratings unchanged at 45% good or excellent as of May 24, easing concerns about the impact of torrential rains and flooding in the Southern Plains. A year ago, 30% of the crop was considered good or excellent.
  • USDA rated 69% of the U.S. spring wheat crop as good to excellent, up from 65% the previous week. USDA estimates that 80% of the spring crop has emerged, compared to the 5-year average of 54%.
  • According to USDA's weekly Export Sales Report, total known outstanding sales and accumulated exports for delivery in the 2014/15 marketing year, through May 22, 2015 were 23.3 MMT, 27% lower than last year's year-to-date total of 31.7 MMT. Weekly sales of 42,500 metric tons for delivery in marketing year 2014/2015 were within trade expectations for 75,000 metric tons net reduction and 100,000 metric tons net increase. USDA forecasts 2014/15 U.S. wheat exports (including donations) to reach 23.4 MMT.
  • The Baltic Panamax Index closed at 524, down from 549 last week.
  • The US Dollar Index closed higher this week at 96.98, up slightly from 96.29 last Friday.

File Name
PR 150529.pdf
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