USW of FacebookUSW on TwitterUSW on YouTube
January 31, 2014
  • Continued pressure from ample global wheat supplies pushed all three futures markets lower this week. Increased export demand and threats of winterkill lent some support midweek. CBOT March wheat dropped 10 cents to $5.56/bu. KCBT fell 12 cents to $6.16/bu and MGEX closed the week at $6.04/bu, a 9 cent loss. CBOT March corn added 5 cents to $4.34/bu and CBOT March soybeans $12.83/bu.
  • On Wednesday, the nearby contracts on all three exchanges fell to contract lows. CBOT wheat closed at its lowest point in three and a half years. MGEX wheat fell below $6.00/MT for the first time since July 2010.
  • USDA reported weekly commercial sales of 794,900 MT for delivery during the 2013/2014 marketing year, up 89 percent from the previous week and above trade expectations of 300,000 to 500,000 MT. Total known outstanding sales and accumulated exports through January 23, 2014 were 26.1 MMT, compared to last year's year-to-date total of 20.7 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 30.6 MMT.
  • Frigid temperatures in the U.S. Midwest posed a threat to winter wheat in 5-10% of the wheat belt, although snow cover should protect most of the crop.
  • The Baltic Panamax Index fell from 1,437 last week to 1,337. Freight activity is very low and will continue to be so during Chinese New Year celebrations this week.
  • The US Dollar Index increased from 80.73 last week to 81.4.

File Name
PR 140131.pdf
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 (http://commoncrawl.org/faq/) - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse