SF3;
At $297/t for 1 DNS14px wheat... $57/t basis nets $240/t.
$6.50/bu... PPO price...
Things are looking up... The PNW price is only US$11.21/bu!
Thats only $425/t.
Here is US Wheats Sept 17/10 take on this:
"Wheat prices were up sharply this week, buoyed by rising corn prices more than offsetting lower than expected export sales. CBOT nearby prices gained 35 cents, closing at $7.40/bu. KCBT gained 21 cents on the week, closing at $7.68/bu, while MGEX gained 28 cent, to $7.71/bu. CBOT corn prices gained 65 cents, closing at $5.14/bu, due to continued concerns over tight corn supplies. CBOT soy prices were 51 cents higher, closing at $10.70/bu.
Concern over the US durum harvest has slowed trade of higher grade durum to a halt. Elevators are reportedly hoarding higher quality durum until this year's crop is completley harvested.
Two killer frosts have hit northern Alberta, most likely damaging the provinces grain crops. The Canadian grains harvest is the furthest behind its been in the last six years. Continued wet weather is keeping farmers out of their fields and is also delaying the harvest in Montana and western North Dakota.
US exporters are reportedly turning away nearby business due to the tight loading capacity in the nearby months of October and November. Some inland logistical issues are being caused by a slow down of corn and soybean inspections at the Gulf. Quality discrepancies between upcountry elevators and export elevators have many traders requesting re-inspection of cargoes. The tying up of railcars is affecting exports as far away as the Pacific Northwest.
The price of HRS 14.0 protein wheat is on the rise due to increased demand for higher protein wheat by domestic millers and exporters for blending with lower protein stocks. Concerns over the declining quality of the portions of the HRS crop that are still uncut are also raising premiums, especially in the Pacific Northwest.
US Export sales were below trader expectations this week putting some downward pressure on wheat prices. Net sales reached 484,600 MT, well below trade estimates of 850,000 to 1,250,000 MT. Increases were reported for Unknown Destinations (220,001 HRW and 21,000 HRS), Peru (70,600 HRW adn 15,000 SRW), Japan (33,763 HRW, 573 HRS, and 33,735 white), South Korea (11,100 HRW, 17,900 HRS, and 28,400 white), Libya (51,429 HRW), Indonesia (1,000 HRW, 10,250 HRS, and 40,000 white), and Italy (28,901 HRS and 20,473 durum).
The Dollar Index fell to 81.39 on Friday, up from 82.74 a week ago. The dollar was hit by a strengthening Japanese Yen.
The Baltic Panamax dropped to 2,928 this week, down from 3,396 a week ago. The index is being driven down by negative sentiment due to new ships coming online."
At $297/t for 1 DNS14px wheat... $57/t basis nets $240/t.
$6.50/bu... PPO price...
Things are looking up... The PNW price is only US$11.21/bu!
Thats only $425/t.
Here is US Wheats Sept 17/10 take on this:
"Wheat prices were up sharply this week, buoyed by rising corn prices more than offsetting lower than expected export sales. CBOT nearby prices gained 35 cents, closing at $7.40/bu. KCBT gained 21 cents on the week, closing at $7.68/bu, while MGEX gained 28 cent, to $7.71/bu. CBOT corn prices gained 65 cents, closing at $5.14/bu, due to continued concerns over tight corn supplies. CBOT soy prices were 51 cents higher, closing at $10.70/bu.
Concern over the US durum harvest has slowed trade of higher grade durum to a halt. Elevators are reportedly hoarding higher quality durum until this year's crop is completley harvested.
Two killer frosts have hit northern Alberta, most likely damaging the provinces grain crops. The Canadian grains harvest is the furthest behind its been in the last six years. Continued wet weather is keeping farmers out of their fields and is also delaying the harvest in Montana and western North Dakota.
US exporters are reportedly turning away nearby business due to the tight loading capacity in the nearby months of October and November. Some inland logistical issues are being caused by a slow down of corn and soybean inspections at the Gulf. Quality discrepancies between upcountry elevators and export elevators have many traders requesting re-inspection of cargoes. The tying up of railcars is affecting exports as far away as the Pacific Northwest.
The price of HRS 14.0 protein wheat is on the rise due to increased demand for higher protein wheat by domestic millers and exporters for blending with lower protein stocks. Concerns over the declining quality of the portions of the HRS crop that are still uncut are also raising premiums, especially in the Pacific Northwest.
US Export sales were below trader expectations this week putting some downward pressure on wheat prices. Net sales reached 484,600 MT, well below trade estimates of 850,000 to 1,250,000 MT. Increases were reported for Unknown Destinations (220,001 HRW and 21,000 HRS), Peru (70,600 HRW adn 15,000 SRW), Japan (33,763 HRW, 573 HRS, and 33,735 white), South Korea (11,100 HRW, 17,900 HRS, and 28,400 white), Libya (51,429 HRW), Indonesia (1,000 HRW, 10,250 HRS, and 40,000 white), and Italy (28,901 HRS and 20,473 durum).
The Dollar Index fell to 81.39 on Friday, up from 82.74 a week ago. The dollar was hit by a strengthening Japanese Yen.
The Baltic Panamax dropped to 2,928 this week, down from 3,396 a week ago. The index is being driven down by negative sentiment due to new ships coming online."
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