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October 21, 2011


(See attached file: PR 111021.pdf)(See attached file: PR 111021.xls)

Highlights:
  • Wheat futures markets all closed higher this week on optimism that meetings in Europe this weekend could result in a resolution of the European debt crisis. Dry weather forecasts in the U.S. plains winter wheat belt supported KCBT prices and MGEX prices rose due to tight supplies of high protein spring wheat. The CBOT December contract gained 9 cents on the week to close at $6.32/bu. KCBT closed the week at $7.23/bu, a 15 cent gain. MGEX gained the most this week ending at $9.19/bu, up 27 cents from last week. The CBOT nearby corn contract gained 9 cents this week to close at $6.49/bu while the January soy contract lost 58 cents to end at $12.21/bu.
  • French analyst group Strategie Grains released its latest production estimates for 2011/12, in which the group raised its forecast for European Union soft wheat production by 380 TMT from last year to 134 MMT. The group also released its first planting estimates for the 2012/13 harvest. While the report did detail its estimates for each grain, it forecast a 10 percent increase in durum area and stable acreage of soft wheat.
  • The Argentine government released its latest 2011/12 production forecasts last Friday. It estimates output to be between 11 MMT and 13 MMT this year, compared to 14.7 MMT last year due to persistent dry weather. The Buenos Aires Grains Exchange last week estimated the crop at 12.6 MMT, down from 15.8 MMT last year. USDA’s latest estimate of Argentine production is 13.5 MMT, down from 15.0 MMT last year.
  • Due to global economic concerns, the Baltic Panamax index was down this week for the first time in a month. The index closed at 2,026 on Friday, down from 2,084 last week.
  • The dollar fell this week on the possibility of a Euro zone debt crisis resolution and on stronger outside financial markets. The ICE dollar index stood at 76.26 on Friday, down from 76.65 last week.

File Name
PR 111021.pdf
PR 111021.xls
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