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November 15, 2013
  • U.S. wheat futures fell for the fourth consecutive week, the longest streak since March. Declining export demand and spillover weakness from the corn market pressured wheat futures all week. CBOT December wheat dropped 5 cents to $6.45/bu. KCBT lost 10 cents to $6.98/bu and MGEX fell 8 cents to $7.00/bu. CBOT December corn closed 5 cents lower at $4.22/bu and CBOT January soybeans fell 16 cents to $12.81/bu.
  • The MGEX December wheat contract closed at a premium to KCBT December on Friday for the first time since September 26.
  • FOB prices for November and December delivery are at a premium to deferred months due to limited remaining export capacity at the gulf and PNW ports.
  • According to the USDA’s Export Sales Report, weekly net sales of 287,800 MT were below trade expectations of 350,000 to 550,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat for the 2013/14 marketing year, through November 7, 2013 were 21.2 million metric tons (MMT), 39 percent greater than last year's year-to-date total of 15.2 MMT. Weakening export demand pushed futures lower this week.
  • The Baltic Panamax Index fell for the fourth consecutive week from 1,564 last Friday to 1,409, the lowest since September 18. The index fell 32% in the four week period. Slow cargo demand in the Atlantic combined with dissipating spillover demand from Capesize vessels continues to pressure the Panamax Index.
  • The US Dollar Index fell from 81.38 to 80.90.

File Name
PR 131115.pdf
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