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November 3, 2017
  • U.S. wheat futures closed the week mixed with Chicago futures down due to continued concerns over plentiful global supplies and Kansas City and Minneapolis futures up on expectations of lower U.S. wheat acres and lower than expected crop condition ratings. Chicago closed down 2 cents at $4.26 per bushel, Kansas City closed up 2 cents at $4.27 per bushel, and Minneapolis closed up 8 cents at $6.25 per bushel. Corn futures closed down 1 cent at $3.48 per bushel and soybean futures closed unchanged at $9.87 per bushel.
  • Reports indicate that Iraq purchased 450.0 TMT of HRW from the U.S. in a purchase outside the normal tender process.
  • U.S. winter wheat acreage may shrink further from last year's 108 year low due to poor expected returns and excessive rain during the planting season in some areas. Wheat acres in Kansas and Oklahoma may drop as much as 10 percent.
  • Ukraine wheat exports reached 8.2 MMT this week, down 5 percent compared to this same time last year.
  • EU wheat exports reached 6.6 MMT this week, down 25 percent compared to this same time last year.
  • Russian wheat exports reached 12.3 MMT this week, up 21 percent compared to this same time last year.
  • Reports indicate that despite recent rainfall in eastern Australia, hot weather continues to worsen drought conditions across the region.
  • China's government announced that it will increase state purchases of wheat, rice, and corn as heavy rains in southern China harms crops.
  • Wheat blast fungus has become prevalent in parts of Bangladesh, resulting in the government of India banning wheat cultivation in two districts on the two country's border.
  • The Baltic Dry Index continued its slide this week, dropping 73 points to 1,482.
  • The US Dollar Index fell from 94.92 to 93.70.

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