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August 3, 2012


(See attached file: PR 120803.pdf) (See attached file: PR 120803.xls)

Highlights:
  • Positive gains for wheat futures on Monday and Friday flanked three straight days of sharp losses, creating the longest losing streak in more than two months. Wheat futures closely followed the corn market and posted large losses when the corn rally stalled mid-week. Efforts to capture profits at the end of a bullish month and a stronger dollar also pressured markets mid-week. Renewed weather worries and a weaker dollar helped wheat markets recoup some of the losses on Friday. The MGEX September contract suffered the largest loss of the three nearby wheat contracts this week, down 28 cents to $9.45/bu. KCBT September wheat closed 10 cents lower at $8.96/bu and CBOT September lost 7 cents to $8.91/bu. CBOT September corn gained 12 cents to $8.10/bu and CBOT nearby soybeans closed up 8 cents at $16.36/bu.
  • An early harvest and improving crop conditions pressured the MGEX HRS contracts this week. In its weekly crop conditions update, USDA increased the amount of spring wheat rated good to excellent by 3 percent from the prior week to 63 percent.
  • In the month of July, the CBOT SWR and the KCBT September contracts each gained 18 percent and the MGEX September contract gained 12 percent. The CBOT September corn contract gained 25 percent in the same period.
  • The Baltic Panamax Index closed at 910, down from 1,031 last week. A lack of inquiries from South America added to already low world demand. Investors also are concerned about the possible effects of the ongoing U.S. drought on the freight industy. Maritime Research's Grain Freight Index declined from 516.3 to 514.9.
  • The ICE Dollar Index declined this week from 82.77 to 82.45 on Friday.

File Name
PR 120803.pdf
PR 120803.xls
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