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April 17, 2015
  • All three wheat futures markets dropped sharply this week and hit contract lows at least one day each. Rain in the very dry U.S. plains improved crop prospects and forecasts for moisture in the U.S., Russian and Chinese wheat belts pressured markets. Weak export demand, exacerbated by a strong U.S. Dollar, also pushed futures lower. After dropping dramatically last week, U.S. crop conditions were mostly steady and failed to support futures. KCBT May wheat had the largest decline, down 50 cents to $5.09/bu. MGEX dropped 48 cents to $5.33/bu and CBOT wheat fell 32 cents to $4.95/bu. CBOT May corn added 3 cents to $3.79/bu and CBOT soybeans closed 17 cents higher at $9.69/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.
  • Basis levels are lower this week due to lack of export demand.
  • USDA rated 42% of the U.S. winter wheat crop as good to excellent as of April 12, down from 44% the previous week. USDA reported the spring wheat crop was 17% seeded, ahead of the five-year average of 11%.
  • According to USDA, weekly export sales of U.S. wheat for delivery in 2014/15 hit a marketing year low at 47,900 tons. Total know sales-to-date of 23.3 MMT are 24% behind last year’s pace. USDA expects total U.S. exports to reach 24.0 MMT in 2014/15. Wheat sales for 2015/16 delivery were 112,500 tons. Sales were below expectations for a combined 150,000 to 550,000 tons.
  • The Baltic Panamax Index closed at 642, up from 591 last week.
  • The US Dollar Index closed at 97.69 on Friday, down from 99.6 a week ago

File Name
PR 150407.pdf
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