1. No category

U.S. Wheat Associates
Weekly Price Report
October 10, 2014
Export
Region
Great
Lakes
Gulf of
Mexico
Pacific
N. West
OCT (Z14)
(nearbys)
FOB $/bu
Percent Protein
12% (Dry) Moisture Basis
NS/DNS 13.0 (14.8)
NS/DNS 13.5 (15.3)
NS/DNS 14.0 (15.9)
NS/DNS 13.0 (14.8)
NS/DNS 13.5 (15.3)
NS/DNS 14.0 (15.9)
HRW Ord
HRW 11.0 (12.5)
HRW 11.5 (13.1)
HRW 12.0 (13.6)
HRW 12.5 (14.2)
SRW
NS/DNS 13.0 (14.8)
NS/DNS 13.5 (15.3)
NS/DNS 14.0 (15.9)
HRW Ord
HRW 11.5 (13.1)
HRW 12.0 (13.6)
HRW 13.0 (14.8)
SW Unspecified
SW 10.5 (11.9) Max
SW 9.5 (10.8) Max
WW with 10% Club
WW with 20% Club
M
M
M
M
M
M
K
K
K
K
K
C
M
M
M
K
K
K
K
$
$
$
$
$
6.88
7.28
7.78
8.33
8.63
9.23
7.73
7.78
7.78
7.83
7.88
6.59
9.33
9.63
10.03
7.48
7.53
7.63
7.78
7.00
7.10
8.60
7.40
7.75
OCT (Z14)
NOV (Z14)
DEC (Z14)
JAN (H15)
FEB (H15)
MAR (H15)
APR (K15)
$/bu
$/MT
$/MT
¢/bu
$/MT
¢/bu
$/MT
¢/bu
$/MT
¢/bu
$/MT
¢/bu
$/MT
¢/bu
$/MT
¢/bu
Year Ago
(nearbys)
$/MT
0.10
0.10
0.10
0.00
0.00
0.00
0.10
0.10
0.10
0.10
0.10
0.08
0.00
0.00
0.00
0.10
0.10
0.10
0.10
0.05
0.05
0.05
0.05
0.05
4
4
4
0
0
0
4
4
4
4
4
3
0
0
0
4
4
4
4
2
2
2
2
2
253
268
286
306
317
339
284
286
286
288
289
242
343
354
369
275
277
280
286
257
261
316
272
285
135
175
225
280
310
370
195
200
200
205
210
160
380
410
450
170
175
185
200
7.00
7.10
8.60
7.40
7.75
253
268
286
306
317
339
284
286
286
288
289
242
343
354
369
275
277
280
286
257
261
316
272
285
135
175
225
280
310
370
195
200
200
205
210
160
380
410
450
170
175
185
200
7.00
7.10
8.60
7.40
7.75
253
268
286
306
317
339
284
286
286
288
289
242
343
354
369
275
277
280
286
257
261
316
272
285
135
175
225
280
310
370
195
200
200
205
210
160
380
410
450
170
175
185
200
7.00
7.10
8.60
7.40
7.75
closed
closed
closed
317
328
350
279
281
281
282
284
240
328
339
354
275
277
281
286
261
265
320
276
288
N/A
N/A
N/A
300
330
390
180
185
185
190
195
145
330
360
400
170
175
185
200
7.10
7.20
8.70
7.50
7.85
closed
closed
closed
317
328
350
277
279
279
281
282
240
328
339
354
275
277
281
286
261
265
320
276
288
N/A
N/A
N/A
300
330
390
175
180
180
185
190
145
330
360
400
170
175
185
200
7.10
7.20
8.70
7.50
7.85
closed
closed
closed
317
328
350
275
277
277
279
281
240
328
339
354
275
277
281
286
261
265
320
276
288
N/A
N/A
N/A
300
330
390
170
175
175
180
185
145
330
360
400
170
175
185
200
7.10
7.20
8.70
7.50
7.85
251
266
284
317
328
350
273
275
275
277
279
243
334
345
359
275
277
281
286
261
265
320
276
288
110
150
200
290
320
380
165
170
170
175
180
145
335
365
405
170
175
185
200
7.10
7.20
8.70
7.50
7.85
307
303
310
343
345
353
329
331
333
334
338
295
332
338
345
333
334
336
345
290
294
301
298
312
week change
FOB
Basis
FOB
Basis
FOB
Basis
FOB
Basis
FOB
Basis
FOB
Basis
FOB
Basis
Durum: a range of prices are available depending upon various quality attributes.
Offers from the Lakes range from $12.25 to $12.79/bu ($450 to $470/MT). Offers from Gulf ports range from $12.93 to $13.47/bu ($475 to $495/MT).
Futures Settlements as of
October 10, 2014
Chicago BOT SRW
Kansas City BOT HRW
Minneapolis MGE NS/DNS
Chicago BOT Corn
Chicago BOT Soybeans
Legend:
Cash:
Convert:
Grey positions not quoted on specific exchange
DEC (Z14)
$/MT
183.16
212.28
203.26
131.51
338.95
NOV (X14)
$/bu
9.2250
week
change
$/bu
0.1025
week
DEC (Z14) change
$/bu
$/bu
4.9850
0.1275
5.7775
0.0975
5.5320
0.0980
3.3400
0.1075
week
JAN (F15) change MAR (H15)
$/bu
$/bu
$/bu
5.0950
5.7875
5.6340
3.4675
9.3050
0.1000
9.3875
week
change MAY (K15)
$/bu
$/bu
0.1250
5.1525
0.1000
5.7875
0.0520
5.7320
0.1050
3.5575
0.1025
9.4700
week
change
$/bu
0.1000
0.0825
0.0400
0.1075
0.1150
week
week
JUL (N15) change AUG (Q15) change
$/bu
$/bu
$/bu
$/bu
5.2275
0.0900
5.7275
0.0625
5.8320
0.0360
3.6375
0.1100
9.5375
0.1250
9.5625
0.1225
M = Minneapolis Grain Exchange; K = Kansas City Board of Trade; C = Chicago Board of Trade;
$ = cash price quote; N/A = quote not available; closed = Great Lakes are closed to vessels for winter; ¢/bu = cents per bushel;
Futures Contract Month: H = March; K = May; N = July; U = September; Z = December
NS/DNS=Northern Spring/Dark Northern Spring (subclasses of Hard Red Spring); HRW=Hard Red Winter; SRW=Soft Red Winter; SW=Soft White; WW=Western White (White Club & Soft White)
F.O.B.= "Free on board" - Seller is responsible for placing grain at the end of the loading spout. Buyer is responsible for providing the ocean vessel and for all other costs after the grain is delivered on board.
Basis: The difference between the cash price and futures month for specific quality, shipping period and geographical location.
Durum, SW and WW are quoted in dollars per bushel ($/bu.) rather than basis for each contract month.
To compute cash price, add basis level and current futures to get price per bushel. Multiply by 36.743 to get price per metric ton.
Example: Basis = 70 and Future Price = $9.00, the price per bushel is $9.00 + .70 = $9.70/bu. Price per metric ton is $9.70 * 36.743 = $356/MT.
All prices are based upon U.S. number two grade or better as certified by the Federal Grain Inspection Service (FGIS).
SEP (U15)
$/bu
5.3400
5.8475
5.9340
3.7175
9.4800
week
change
$/bu
0.0850
0.0625
0.0240
0.1100
0.1175
U.S. Wheat Associates
Weekly Price Report (page 2)
October 10, 2014
U.S. dollars/metric ton
Handymax
40-46 TMT
15
47
Panamax
54+ TMT
29
46
35
47
38
39
30
33
70
65
60
65
39
42
28
32
52
37
27
28
30
34
25
27
29
Freight Index**
Week Ending
10/3/2014
9/26/2014
9/19/2014
9/12/2014
9/5/2014
8/29/2014
8/22/2014
8/15/2014
8/8/2014
8/1/2014
7/25/2014
7/18/2014
7/11/2014
7/4/2014
6/26/2014
6/20/2014
6/13/2014
6/6/2014
5/30/2014
5/23/2014
5/16/2014
5/9/2014
5/2/2014
4/25/2014
4/18/2014
4/11/2014
4/4/2014
3/28/2014
3/21/2014
41705
Note: Rates for freight leaving the Great Lakes are quoted for 18,000 MT "Salties."
General
Index
425.3
425.5
428.8
425.3
433.0
430.6
427.6
420.1
418.9
415.9
415.2
418.0
426.0
431.3
431.6
430.0
432.6
437.6
435.8
435.7
435.3
437.6
434.8
438.5
440.9
450.7
450.8
458.9
461.9
451.1
Grain Freight
Index
514.7
511.5
514.8
508.5
517.9
517.1
513.3
507.9
506.8
505.3
505.1
508.1
511.4
518.1
520.3
519.1
521.5
530.2
530.2
529.7
528.8
530.9
529.3
533.2
536.0
539.3
536.4
542.7
546.5
540.4
Number of
Fixtures
517
469
530
480
474
424
487
499
503
470
556
543
543
447
522
546
492
455
337
445
449
340
447
262
376
355
362
441
433
Ocean Freight Rate Indices
600
550
500
450
400
350
300
Jul-13
Canada
1.112
1.113
1.109
1.099
1.038
1.050
7.12%
5.90%
Egypt
7.170
7.170
7.172
7.170
6.909
5.514
3.78%
30.03%
EU
0.786
0.791
0.784
0.776
0.739
0.679
6.36%
15.77%
Japan
107.923
108.671
109.065
108.661
97.265
89.195
10.96%
21.00%
Russia
Jul-14
Sep-14
Jul-14
Sep-14
General
50
40
30
20
10
0
Jul-13
Sep-13 Nov-13 Jan-14 Mar-14 May-14
Gulf origin
PNW origin
Selected Exchange Rates
480
40.031
39.646
38.388
38.482
32.391
29.622
23.58%
35.14%
Jan-14 Mar-14 May-14
Egyptian Freight Estimates
60
euro/US dollar xx
Brazil
2.385
2.487
2.399
2.364
2.211
1.746
7.89%
36.66%
Nov-13
Grain
Sources: *Trade representatives and recent shipments, **Maritime Research, Inc., ***Nominal Major Currencies, Federal Reserve Board
Summary of Foreign Currency Exchange Rates (versus $1 U.S. dollar)
Week Ending
Index***
Argentina
Australia
10/10/14
N/A
8.467
1.132
10/3/14
106.70
8.453
1.139
9/26/14
105.93
8.426
1.134
9/19/14
105.09
8.409
1.115
10/10/13
101.27
5.825
1.059
10/10/09
101.16
3.837
1.106
1 year change
5.44
45.36%
6.81%
5 year change
5.55
120.67%
2.29%
Sep-13
0.85
1.30
0.80
1.25
1.20
0.75
1.15
0.70
1.10
0.65
1.05
0.60
1.00
0.55
0.50
Oct-13
0.95
0.90
Dec-13
Feb-14 Apr-14
euro
Jun-14
Aug-14
Canadian dollar
The weekly prices as reported by U.S. Wheat Associates are compiled through research from numerous market sources, including U.S. wheat exporters of all classes from various U.S. ports. The prices reported are representative of the value
of number two grade and the proteins indicated. They are not intended to represent offers nor should importers of U.S. wheat rely upon them as such. Additional factors may alter these prices significantly. These factors may include:
(1) payment terms (differing from cash against documents which are the terms used in the U.S. Wheat Associates price report); (2) various quality factors, and method of quality certification; (3) loading terms (USW prices represent
Free on Board and do not include loading rate guarantees, stevedoring costs or other elevator tariff charges); (4) different delivery periods than indicated in monthly prices reported by U. S. Wheat Associates.
U.S. Wheat Associates recommends regular contact with exporters of U.S. wheat in order to receive offers representative of your requirements. These contracts would allow importers to review contract terms and better understand the
U.S. grading system, role and function of the Federal Grain Inspection Service (FGIS).
Contact: For questions, please contact Casey Chumrau at (703) 650-0241 or [email protected].
Canadian/US dollar
Handy
25-30 TMT
17
37
40
20
30
47
34
34
$/metric ton
Ocean Freight Rate Estimates by Origin*
Export
Import
Region
Region
US Gulf
Mexico (Veracruz)
W. South America (Peru/Ecu)
S. South America (Chile)
N. South America (Colombia)
E. South America (Brazil)
West Africa (Nigeria)
East Mediterranean (Italy)
West Mediterranean (Morocco)
Middle East (Egypt)
Japan
Mid Atlantic
N. South America (Venezuela)
West Africa (Nigeria)
Middle East (Egypt)
St. Lawrence N. South America (Venezuela)
Europe/Rotterdam
Middle East (Egypt)
Great Lakes
East Mediterranean (Italy)
West Mediterranean (Spain)
Rotterdam
West Africa (Morocco/Algeria)
PNW
W. South America (Peru/Ecu)
S. South America (Chile)
N. South America (Colombia)
Middle East (Egypt)
East Africa (Djibouti/Mombasa)
South Asia (Mal/Indon/Phil/Sing)
Taiwan
South Korea
Japan
Nearby Futures Contract Prices
10
220
9
200
cents/bushel XXl
8
$/bushel
HRW Basis at PNW and Gulf Ports
(ordinary protein)
240
7
180
160
140
120
100
6
80
60
5
40
20
0
Oct-13
4
Oct-13
Dec-13
Feb-14
KBOT
Apr-14
Jun-14
MGE
Aug-14
Oct-14
Dec-13
Feb-14
Apr-14
Jun-14
PNW
CBOT
Aug-14
Oct-14
Gulf
HRW Protein Premiums - PNW
HRS Basis at Various Ports
260
500
240
220
400
200
350
180
cents/bushel XX
cents/bushel XX
450
300
250
200
160
140
120
100
80
150
60
100
40
50
0
Oct-13
20
Dec-13
Feb-14
Jun-14
PNW HRS 14
Aug-14
0
Oct-13
Oct-14
Dec-13
Feb-14
Apr-14
ords
G.L. HRS 14
Jun-14
Aug-14
Oct-14
Aug-14
Oct-14
12% protein
HRW Cash Prices at the Gulf
SW and SRW Nearby Cash Prices
370
12
350
10
8
310
$/bushel
$/metric ton
330
October 10, 2014
Weekly Price Report (page 3)
U.S. Wheat Associates
Gulf HRS 14
Apr-14
290
270
6
4
250
2
230
210
Sep-13
0
Nov-13
Jan-14
PNW SW
Mar-14
May-14
Jul-14
Sep-14
Gulf SRW
Custom graphs of historic nearby cash prices may be accessed at:
http://www.uswheat.org/priceReports/nearbyCash
Oct-13
Dec-13
Feb-14
Apr-14
KCBOT Futures
Jun-14
Gulf HRW basis
Basis and cash prices for different delivery months are also available at:
http://www.uswheat.org/priceReports/deliverymonth
U.S. Wheat Associates
Weekly Price Report
Highlights:
October 10, 2014
Daily Settlement Prices (SEP14)
* Wheat futures closed higher for the second consecutive week. USDA unexpectedly lowered its estimate
for global ending stocks in a Friday report, providing support to futures despite an increase in the global
production forecast. Wheat also found support from an easing U.S. dollar and strength in corn and
soybean markets. Gains were limited by disappointing U.S. commercial sales and signs of lower world
export demand. CBOT December wheat added 13 cents to close the week at $4.99/bu. KCBT and MGEX
December contracts both gained 10 cents to close at $5.78/bu and $5.53/bu, respectively. CBOT
December corn added 11 cents to $3.34/bu and CBOT November soybeans increased 10 cents to
$9.23/bu.
6.4
6
$/bu
5.6
5.2
* In its monthly WASDE update, USDA lowered its forecast for U.S. and world ending stocks due to
increased feed use and higher expected exports. USDA increased is global production estimate by 1.17
MMT to a record 721 MMT, compared to the record 715 MMT set last year.
4.8
4.4
10/6/14
10/7/14
10/8/14
CBOT
KCBT
10/9/14
10/10/14
* According to USDA's weekly Export Sales Report, net sales of 372,400 MT for delivery in the 2014/2015
MGEX
Wheat Futures Forward Curve
*
6.00
marketing year were down 50% from the previous week and 30% from the prior 4-week average and
below trade expectations of 400,000 to 600,000 MT. Total known outstanding sales and accumulated
exports, through October 2, 2014 were 13.9 million metric tons (MMT), 27% lower than last year's yearto-date total of 19.2 MMT. USDA forecasts 2014/15 U.S. wheat exports (including donations) to reach
25.2 MMT.
Both delivery points for the Paris-based commodity market Euronext stopped accepting wheat for the
November delivery period due to slow exports and tight capacity.
* The Baltic Panamax Index closed 22 points lower than last Friday at 865.
5.60
$/bu
* The US Dollar Index closed higher this week at 86.05, down from 86.81.
5.20
4.80
4.40
SEP 14
DEC 14
CBOT
MAR 15
KCBT
MGEX
MAY 15