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June 26, 2015
  • U.S. wheat futures closed sharply higher this week on concerns of further harvest delays in the U.S. Midwest and quality concerns in several regions. Dry conditions in Canada and the EU added support. CBOT July wheat added 74 cents to close at $5.62/bu. KCBT gained 56 cents to $5.59/bu and MGEX increased 32 cents to $5.74/bu. CBOT July corn added 32 cents to $3.85/bu and CBOT July soybeans closed 31 cents higher at $5.75/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.
  • Iowa and Missouri received up to 7 inches (17.8 cm) of rain mid-week with forecasts for more in Missouri and Ohio. The wet weather could further delay SRW harvest and threaten quality.
  • Unseasonably hot weather in the Pacific Northwest threatens to diminish soft white wheat quality in the already drought stricken region, which pushed prices higher this week.
  • In its weekly crop progress report, USDA said the U.S. winter wheat harvest was 19% complete as of June 21, below the five-year average of 31%.
  • The European Union's crop monitoring service cut its forecast for 2015/16 soft wheat yield to 5.85 tons per hectare, from 5.93 last month, due to adverse weather.
  • According to USDA's weekly Export Sales Report, total known outstanding sales and accumulated exports for the 2015/16 marketing year, through June 18, 2015 were 5.48 MMT, 25% lower than last year's year-to-date total of 7.26 MMT. Net sales totaling 434,300 metric tons were reported and were within trade expectations of 200,000 to 450,000 MT. USDA forecasts 2015/16 U.S. wheat exports (including donations) to reach 25.2 MMT.
  • The Baltic Panamax Index closed at 833, down from 851 last week.
  • The US Dollar Index closed higher this week at 95.60, up from 94.38.

File Name
PR 150626.pdf
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