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February 28, 2014
  • U.S. wheat futures closed mixed this week. Concerns about easing export demand for U.S. wheat, including a canceled Egyptian purchase, pushed nearby contracts lower. But strength in outside financial markets and a weaker U.S. dollar supported wheat. Speculation that unrest in Ukraine eventually could disrupt grain exports helped push prices higher on Friday. CBOT March wheat lost 11 cents to $5.99/bu and KCBT dropped 6 cents to $6.77. Canadian logistics issues helped push MGEX 7 cents higher to $6.71/bu. CBOT March corn gained 5 cents to $4.58/bu and CBOT March soybeans added 44 cents to $14.14/bu.
  • Egypt cancelled a purchase of U.S. SRW on Tuesday due to rising U.S. prices after the recent market rally.
  • Canadian logistics issues continue to influence MGEX contracts. Gains were limited on Tuesday on reports Canada's two big railways will provide thousands more cars per week to transport backlogged grain to ports. But the existing issues also helped limited losses late in the week.
  • According to USDA, weekly sales of 365,100 MT for delivery during the 2013/2014 marketing year and 199,800 MT for 2014/15, topped trade estimates for combined-year sales of 300,000 to 500,000 MT but were down 14 percent from the previous week and 39 percent from the prior 4-week average.Total known outstanding sales and accumulated exports for the 2013/14 marketing year, through February 20, 2014 were 28.1 MMT, 24 percent greater than last year's year-to-date total of 22.7 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 32.0 MMT.
  • The Baltic Panamax Index fell from 1,244 last week to 1,099.
  • The US Dollar Index increased slightly from 80.27 to 79.76.

File Name
PR 140228.pdf
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