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April 5, 2013


(See attached file: PR 130405.pdf)(See attached file: PR 130405.xls)

Highlights:
  • Wheat markets closed mixed this week despite a significant drop for all three on Monday. Spillover weakness from corn due to last week’s USDA stocks report sent wheat markets to their lowest point in nine months on Monday. That spurred bargain buying on Tuesday, which helped wheat markets recover some of Monday’s losses. Rumors that China purchased multiple SRW cargos combined with rain showers in the U.S. Plains sparked a rally on Wednesday. Weakness in corn and limited export demand pulled wheat lower again on Thursday but losses were minimal thanks to the China rumors and limited farmer selling of HRS. Short coverings on Friday helped pull wheat futures higher once again. CBOT May wheat closed 11 cents higher at $6.99/bu and MGEX added 7 cents to close at $7.88/bu. KCBT fell less than 1 cent to $7.26/bu. CBOT May corn fell 66 cents to $6.29/bu and CBOT soybeans dropped 43 cents to $13.62/bu.
  • Much of the southern U.S. Plains and Delta regions received rain on Tuesday and Wednesday. The rain helped reduce drought-induced stress on the growing wheat crop. Cooler temperatures and additional rainfall in the next few weeks will likely slow spring fieldwork in some areas.
  • In its first weekly crop progress report of the spring season, USDA reported 34 percent of the winter wheat crop in good or excellent condition. The rating was the lowest for this time of year since 2002 and down significantly from last year’s 58 percent. USDA rated 30 percent of the crop as poor or very poor, compared to 12 percent last year.
  • USDA reported weekly commercial sales of 141,200 MT this week, the lowest of the marketing year and below trade expectations of 250,000 to 500,000 MT. Total outstanding sales and accumulated exports for the 2012/13 marketing year, through March 28, 2013 were 25.4 million metric tons (MMT). USDA forecasts total exports to reach 27.9 MMT.
  • The Baltic Panamax Index fell for the second consecutive week to 1094 on Friday, down from 1176 last week. After an eight week rally, holidays in Asia limited market activity and an expected increase in panamax vessels this year pressured the index. Maritime Research's Grain Freight Index fell this week from 498.6 to 496.9.
  • The US Dollar Index fell this week from 83.18 to 82.60 on Friday.

File Name
PR 130405.pdf
PR 130405.xls
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