USW of FacebookUSW on TwitterUSW on YouTube
July 10, 2009

(See attached file: PR 090710.pdf)(See attached file: PR 090710.xlsx)
  • Futures traded lower for the fifth consecutive week. Good harvest weather and a bearish WASDE report, which projected greater global production, pushed down wheat prices. USDA projected greater production than what previous reports indicated. CBOT July futures closed 9 cents/bu down from last week at $4.91/bu. KCBT July futures were down 15 cents/bu, closing at $5.40/bu. MGEX closed the week out at $6.02/bu, down 16 cents. Soybeans fell $1.13 and closed at $11.30/bu while corn was down 2 cents on the week.
  • The USDA made adjustments in their latest World Agricultural Supply and Demand Estimates. USDA increased projected U.S. production by 5% to 57.5 MMT because of higher yields and area planted. Projected U.S. exports increased to 25.2 MMT due to reduced production for Argentina, Canada, and the EU. Global wheat production overall increased because of higher estimates for the U.S. and the Black Sea region.
  • Export sales improved significantly from last week, from 241,900 MMT to 584,200 MMT. Exports exceeded trade estimates of 250,000 to 400,000 MT. Increases were reported for Japan (21,250 HRW, 37,200 HRS, 29,000 white), Taiwan (35,094 HRW, 38,320 HRS, 100 SRW, 10,884 white), South Korea (12,800 HRW, 21,900 HRS, 7 SRW, 30,100 white), Indonesia (25,000 HRW, 33,740 white), Venezuela (17,499 HRW, 24,500 HRS, 8,500 SRW, 5,000 durum), Philippines (33,500 HRS, 19,696 white), and Nigeria (34,000 HRS, 11,490 SRW, 6,453 durum).
  • The Baltic Panamax Index dropped to 2,952, a 19% fall from last weeks close of 3,509. Destination rates also fell, with Gulf/Japan closing at $55/MT and Pacific/Japan at $31/MT.

File Name
PR 090710.pdf
PR 090710.xlsx
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 ( - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse