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August 14, 2015
  • CBOT wheat futures dipped to a 2-month low and KCBT and MGEX wheat futures dropped to a new 5-year low following the release of the USDA world agricultural supply and demand estimates on Wednesday. All three markets rebounded slightly, supported by technical buying and a weaker U.S. dollar. Concerns regarding U.S. wheat competitiveness globally continue to weigh on markets. September CBOT wheat closed 4 cents lower at $5.07/bu, KCBT dipped 3 cents to $4.90/bu and MGEX lost 7 cents to $5.19/bu. August CBOT soybeans closed down 31 cents at $9.79/bu and September CBOT corn dropped 50 cents from last week to $9.25/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.
  • In its monthly world agriculture supply and demand estimate, USDA increased projected world wheat production and global supplies to record 727 MMT and 222 MMT, respectively. U.S. wheat exports are projected to increase to 25.2 MMT, up 8% from 2014, but still well below the 5-year average of 29.3 MMT.
  • PNW trade experts reported the soft white wheat crop is of good quality, but on average, has a higher protein than seen under normal weather conditions. Preliminary U.S. Wheat Associates Crop Quality data indicates a 10.9% average protein, on par with the data collected in 2014, but above the 5-year average of 9.9%.
  • In its weekly crop progress update, USDA reported spring wheat harvest is 28% complete, ahead of the 5-year average pace of 20% with 69% of the spring crop rated good to excellent, down one percent from the prior week and an unchanged 6% rated poor. USDA reported winter wheat harvest is 97% complete, ahead of the 5-year average of 90%.
  • According to USDA’s weekly Export Sales Report, net sales of 421,600 metric tons for delivery in marketing year 2015/2016 were down 50% from the previous week and 28% from the prior 4-week average, but were within trade expectations of 400,000 to 600,000 MT. However, total export shipments this week were the second largest recorded this marketing year at 399,500 MT. Total known exports and outstanding sales for delivery in 2015/16 of 8.95 MMT are 16% below last year’s sales-to-date of 10.7 MMT.
  • The Baltic Panamax Index closed at 1,057 on Friday, up 4% from 1,021 last week.
  • The US Dollar Index closed at 96.52, down from 97.64 last Friday.

File Name
PR 150814.pdf
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