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June 1, 2007
(See attached file: PR070601.xls) (See attached file: PR070601.pdf)

  • Futures closed the week higher, supported by ongoing concerns over drought in Ukraine and southwest Russia, and rain in the US Plains slowing the HRW harvest. Wheat found additional support from strength in the corn market, end-of-month positioning by commodity funds, and a 120 TMT sale of US SRW to Spain.
  • CBOT nearby futures were up $0.20/bushel from last week, while KCBT was up $0.18/bushel and the MGE ended $0.11/bushel higher from Friday‚Äôs close. US SW nearby prices rose $0.27/bushel this week to $6.15/bushel.
  • USDA reduced crop ratings for both winter and spring wheat this week. Winter wheat conditions showed 57 percent good/excellent, down from 59 percent the previous week, while spring wheat conditions were seen at 79 percent good/excellent compared to 81 percent.
  • Weekly US export sales for wheat came in at 709,900 MT (old and new), which was well ahead of trade expectations for 250,000-450,000. Sales of 2007/08 wheat were impressive at 958,800 MT, putting total new crop purchases at 3.1 MMT.
  • Ocean freight in the Pacific came down for the second consecutive week, putting the key PNW/Japan rate at $45/MT.

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