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February 6, 2009

(See attached file: PR 090206.pdf) (See attached file: PR 090206.xlsx)

  • Futures were down this week amid slow export demand and spillover pressure from outside markets. For the week, nearby CBOT futures were off 11cents/bu, KCBT was 15 cents lower while the MGE closed up 3 cents at $6.55/bu. Corn futures were 2 cents/bu lower at $3.77/bu while soybeans closed up 21 cents/bu at $10.06/bu.
  • U.S. export sales came in at 326,800 metric tons, up noticeably from the previous week and from the prior 4-week average, and toward the middle of trade estimates of 250,000 to 450,000 MT. SRW lagged other classes with sales of only 15,200 MT with the majority going to Dominican Republic and South Africa. Hard wheat sales were strong with 140,000 MT of HRW and 65,000 MT of HRS going to various destinations. Commitments to date are 84 percent of total projected exports, down from the 5-year average of 88 percent of exports committed by this date.
  • Texas and Oklahoma wheat conditions continue to be rated below average as extremely dry conditions continue to stress the crop. For Texas, 64 percent of the crop is rated poor to very poor, 30 percent is in fair condition and 11 percent in good condition. Oklahoma‚Äôs wheat crop is rated 35 percent poor to very poor with 24 percent rated good to excellent. Texas and Oklahoma account for more than 30 percent of HRW area with a combined 11.3 million acres.
  • Statistics Canada reported total December wheat stocks at 21.9 MMT, up 35 percent from last year and 1.2 MMT above the 5-year average. Durum stocks rebounded 61 percent from last year levels to 4.8 MMT.
  • The freight market moved higher this week with the Atlantic and Pacific spread widening. The Gulf/Japan rate moved $6/MT higher this week to $37/MT compared with a $2/MT increase in the Pacific/Japan rate to $20/MT.

File Name
PR 090206.pdf
PR 090206.xlsx
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