Sep 30, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin

Wheat Takes Center Stage in Otherwise Quiet Week

September 7, 2012
 
 

Agricultural commodities finished a quiet week of trade with minimal price change. Wheat was the biggest price mover, finishing the week with $.10 to $.15 gains. Ukraine announced it plans on capping wheat exports at 4 million metric tons, just below the current USDA forecast of 6 million metric tons. The market appears to be discounting that Russia may make a similar announcement later this fall as both countries attempt to combat domestic food inflation brought on by another disappointing harvest.

As the market braces for next Wednesday’s USDA crop report, December 2012 corn prices were steady for the week, while December 2013 was up $.11 per bu. The average production estimate for this year’s corn crop heading into next week’s report is 10.403 billion bushels, down 376 million bushels from the August estimate.

November 2012 soybean prices were down $.20 for the week, as long speculators were eager to take profits, while November 2013 soybean prices were up $.13. The average trade estimate for this year’s soybean crop is 2.638 billion bushels, down 54 million bushels from the August estimate.

 

movement 0907

 

weekly 0907

 

COT 0907

See Comments


 
Log In or Sign Up to comment

COMMENTS

No comments have been posted



Name:

Comments:

Receive the latest news, information and commentary customized for you. Sign up to receive the AgWeb Daily eNewsletter today!.

 
 
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions