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October 31, 2014
  • Wheat futures closed higher or unchanged this week and hit a seven-week high on Wednesday. Weather related production concerns in Australia and the Black Sea lent support to markets. Stronger than expected weekly U.S. exports and lower than expected U.S. crop condition ratings also supported futures. Spillover strength and weakness from corn and soybean markets affected wheat futures again this week. Favorable growing conditions in the U.S. plains limited HRW gains while a stronger U.S. Dollar pressured all three markets. CBOT December gained 15 cents to close at $5.33/bu and MGEX added 7 cents to $5.74/bu. KCBT closed unchanged at $5.94/bu. CBOT December corn added 24 cents to $3.77/bu and CBOT November soybeans closed 69 cents higher at $10.47/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
  • USDA released its first condition ratings for the newly planted winter wheat this week. The crop was rated 59% good to excellent, compared with 61 percent a year earlier and below analysts’ expectation of 68%.
  • Consultancy group IKAR said Russia’s 2015/16 production could fall as low as 46.5 MMT, down from an estimated 58.5 MMT this year, due to unfavorable weather during winter grains sowing. IKAR cautioned that its figure was preliminary.
  • In its weekly Export Sales Report, USDA reported net sales of 444,900 metric tons for delivery in the 2014/2015 marketing year, up 49 percent from the previous week, exceeded trade expectations of 300,000 to 375,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat, through October 23, 2014 were 15.1 MMT, 21 percent lower than last year's year-to-date total of 19.2 MMT. USDA forecasts 2014/15 U.S. wheat exports (including donations) to reach 25.2 MMT.
  • The Baltic Panamax Index closed at 1,233 on Friday.
  • The US Dollar Index closed higher this week at 87.02, up from 85.80.

File Name
PR 141031.pdf
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