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September 30, 2016
  • US wheat futures were mixed this week, with slight drops for Chicago and Kansas City, but an increase for Minneapolis on concerns of high protein world supplies. Chicago wheat futures dropped 3 cents to $4.05 per bushel. Kansas City wheat futures dropped 6 cents to $4.16 per bushel. Minneapolis wheat futures rose 11 cents to $5.15 per bushel. Corn futures were unmoved from last week at $3.37 per bushel, with good demand offsetting an expected record crop. Soybean futures fell 1 cent to $9.54 per bushel. Farmers are actively harvesting corn and soybeans across the country.
  • The IGC raised its estimate for world wheat production by 4.0 MMT to 747.0 MMT.
  • Farmers in Russia have planted 64 percent of their winter wheat with good soil moisture.
  • Heavy rainfall across the eastern Australia has raised concerns over the size and quality of the area's wheat crop, especially for the higher protein wheat which is predominantly grown there.
  • According to the USDA the world stock to use ratio stands at 34 percent, a 15 year high. However, if China is not included, the ratio drops to 22 percent, a level that has remained steady for the past five years.
  • Early tests indicate that the Canadian spring wheat crop will be of below average protein after rains just prior to and during the harvest. Fusarium is also reported to be an issue.
  • India has dropped its tariff for wheat imports from 25 to 10 percent in a bid to alleviate high food prices. India has already imported 1.1 MMT of wheat from Ukraine and Australia, and is expected to import as much as 5.0 MMT during the 2016/17 marketing year.
  • The Baltic Dry Index fell 5% this week to 888, down from 937 last week on weak trade demand.
  • The US Dollar Index fell sligihtly this week to 95.45, down from 95.48 last week.

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