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July 26, 2013


(See attached file: PR 130726.pdf) (See attached file: PR 130726.xls)

Highlights:
  • Wheat futures closed lower this week due to plentiful global wheat supply and spillover weakness in corn and soybeans. Aided by favorable weather conditions, anticipation for a large domestic production of all three commodities pushed futures lower. Increasingly competitive export prices of other origin wheats added to market pressure. All three futures markets closed 14 cents lower than last Friday. CBOT September wheat closed at $6.50/bu, KCBT at $6.92/bu and MGEX finished the week at $7.36/bu. CBOT September corn fell 52 cents to $4.92/bu and CBOT August soybeans lost $1.41 on the week to close at $13.50/bu.
  • Export prices in Russia and the EU continue to fall as ample new crop supplies hit the market. European wheat futures touched contract lows on Tuesday and reduced Egyptian demand added pressure to Russian markets.
  • On Monday, USDA reported 75 percent of the U.S. winter wheat crop had been harvested as of July 20, up from 67 percent a week ago and just below the 76 percent a year ago. USDA also said 85 percent of the spring wheat crop was headed, up from 71 percent a week ago and down from 88 percent a year ago. Sixty-eight percent of the spring wheat crop was in good to excellent condition, down from 70 percent a week ago but up from 60 percent a year ago.
  • The Baltic Panamax Index fell for the first time in seven weeks, down 68 points to 1104. Maritime Research's Grain Freight Index decreased from 491.9 to 491.2.
  • The US Dollar Index decreased from 82.71 last Friday to 81.76.

File Name
PR 130726.pdf
PR 130726.xls
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