USW of FacebookUSW on TwitterUSW on YouTube
October 13, 2017
  • U.S. wheat futures fell moderately lower this week on larger than expected increases to USDA estimates for world wheat production and ending stocks as well as rainfall bringing needed moisture to the Great Plains and Midwest. CBOT fell 4 cents to close at $4.40 per bushel. KCBOT fell 1 cent to close at $4.36 per bushel. MGEX fell 9 cents to close at $6.15 per bushel. Corn futures rose 3 cents to close at $3.53 per bushel and soybean futures rose 27 cents to close at $10.10 per bushel.
  • Wheat production estimates for Western Australia were raised by as much as 20% while needed rains fell across the southern and eastern wheat belts. Australia's winter was reported to be the warmest on record, and the season was in the top ten for driest seasons on record.
  • Heavy precipitation across Argentina's wheat belt is affecting half of the 13.3 million acres planted to wheat in the country. Yields and quality are expected to be affected by the excessive moisture.
  • Russia's ministry of agriculture announced that it planned to sell 1.5 MMT of wheat from its strategic reserves this marketing year.
  • Beneficial rains have improved conditions in the SRW and HRW wheat belts.
  • Ports along the Mississippi River reported they were little affected by Hurricane Nate. As well, rising water levels have improved barging conditions on the Upper Mississippi and Ohio rivers.
  • Export demand from Germany and Poland is low due to uncompetitive prices stemming from rainfall during harvest and farmers being unwilling sellers. The EU is facing stiff competition from the Black Sea Region.
  • Australia's wheat prices continue to climb as concerns mount over the size of this year's wheat crop. Estimates have the crop dropping 28% or more compared to last year's record crop, putting it as the smallest crop since 2008/09.
  • SovEcon raised its estimate for Russian wheat production by 1.8 MMT to 82.9 MMT on higher than expected yields in the Volga Region.
  • Beneficial rains have improved wheat planting conditions in Russia and Ukraine.
  • Protein levels in Canada are reported to be lower than expected.
  • The US Dollar Index fell to 93.05, down from 93.98 last week.
  • The Baltic Dry Index rose 76 points to 1458, continuing a rally that started at the beginning of October.

File Name
PR101317.pdf
2008-2013 U.S. Wheat Associates. All Rights Reserved
CCBot/2.0 (http://commoncrawl.org/faq/) - Is Mobile: Privacy Policy | Non-Discrimination Statementfalse