Crop Quality Archive

WASDE

January 12, 2012

The first World Agricultural Supply and Demand Estimates (WASDE) for 2012 reflected steady overseas demand for U.S. wheat and an optimistic group of U.S. winter wheat growers. Projected exports are raised 25 million bushels based on the pace of sales and shipments to traditional markets. Increases for Hard Red Winter, White, and Soft Red Winter wheat more than offset a reduction for Hard Red Spring wheat. Ending stocks are projected 8 million bushels lower at 870 million. Global ending stocks for 2011/12 are projected 1.5 million tons higher at 210.0 million.

PRICE REPORT

January 27, 2012

U.S. futures markets closed higher this week on the possibility of increased wheat export business based on rumors that Russia may limit exports or impose export tariffs. Basis prices were 5 to 10 cents firmer thanks to stronger demand. A weaker U.S. dollar also supported wheat prices this week. CBOT led the way, gaining 37 cents to close at $6.47/bu. KCBT gained 33 cents to close at $7.00/bu and MGEX closed at $8.26/bu, a 28 cent gain for the week. The CBOT nearby corn contract gained 30 cents to $6.42/bu and CBOT soybeans closed at $12.19/bu, a 32 cent gain.