Review Of The Week
CBOT CORN
Corn lost 45 3/4c on the week as a whole, with the lions share of that coming with Friday's limit down move. This, added to the previous weeks heavy decline, make for corn's biggest two-week plunge in at least 45 years. US corn production will total 12.2 billion bushels this year, up 1.1 percent from 12.072 billion projected a month ago and second only to last year's 13.1 billion-bushel harvest, the USDA said Friday. Unsold supplies of U.S. corn before next year's harvest will total 1.154 billion bushels, up 13 percent from 1.018 billion forecast a month ago, the department said. Analysts expected an estimate of 1.12 billion bushels, on average.
CBOT SOYBEANS
Soybeans closed the week 82c lower, as with corn the majority of that fall coming with Friday's 70c limit down close. US farmers will harvest 2.983 billion bushels of soybeans this year, up from 2.934 billion projected in September, according to the report. U.S. reserve supplies before next year's harvest will total 220 million bushels, up from 135 million forecast last month, the USDA said.
CBOT WHEAT
Wheat lost 76 3/4c on the week, most of it also Friday. U.S. wheat reserves before the next harvest will be 4.7 percent more than forecast a month ago, as increased production more than offsets higher feed use, the USDA said. About 601 million bushels of unsold wheat will be in storage when the current marketing year ends on May 31, nearly double the 306 million on hand at the start of this year. Global stockpiles will total 144.4 million tonnes by May 31, the USDA said. That's up from last month's estimate of 139.9 million and up from 119.8 million tonnes at the end of last May.
LONDON FEED WHEAT
London wheat closed the week £9.50/tonne lower, with front-month November closing below £90/tonne for the first time for a front-month since September 2006. The NFU forecast this year's UK wheat crop at 17.17 million tonnes, which gives us a surplus of over 3mmt.
PARIS MILLING WHEAT
Closed the week with losses of EUR17.25/tonne at levels last seen in Jan 2007, dragged down by lack of export demand (Egypt passed on French wheat, buying US and Russian wheat this week) and the general sell-off in all commodities.
PARIS CORN
Posted a loss of EUR8.50/tonne on the week as a whole on harvest pressure and falling wheat prices. Prices now the lowest since March 2006.
PARIS RAPESEED
Finished the week EUR30.50/tonne lower pressured by falling crude oil and lack of demand. Prices now at their lowest levels since July 2007.
CRUDE OIL
Finished the week posting an overall loss of $16.24/barrel. The biggest one-week decline since March 2003 when a U.S.-led coalition invaded Iraq. The International Energy Agency lowered its 2009 consumption projections by 440,000 barrels a day to 87.2 million barrels a day, citing a weaker economic outlook from the International Monetary Fund.
STERLING
Finished the week 6 1/2c lower against the dollar, hitting its lowest levels in five years, on concern a dispute between the U.K. and Iceland over financial assets in each other's countries will escalate.
Corn lost 45 3/4c on the week as a whole, with the lions share of that coming with Friday's limit down move. This, added to the previous weeks heavy decline, make for corn's biggest two-week plunge in at least 45 years. US corn production will total 12.2 billion bushels this year, up 1.1 percent from 12.072 billion projected a month ago and second only to last year's 13.1 billion-bushel harvest, the USDA said Friday. Unsold supplies of U.S. corn before next year's harvest will total 1.154 billion bushels, up 13 percent from 1.018 billion forecast a month ago, the department said. Analysts expected an estimate of 1.12 billion bushels, on average.
CBOT SOYBEANS
Soybeans closed the week 82c lower, as with corn the majority of that fall coming with Friday's 70c limit down close. US farmers will harvest 2.983 billion bushels of soybeans this year, up from 2.934 billion projected in September, according to the report. U.S. reserve supplies before next year's harvest will total 220 million bushels, up from 135 million forecast last month, the USDA said.
CBOT WHEAT
Wheat lost 76 3/4c on the week, most of it also Friday. U.S. wheat reserves before the next harvest will be 4.7 percent more than forecast a month ago, as increased production more than offsets higher feed use, the USDA said. About 601 million bushels of unsold wheat will be in storage when the current marketing year ends on May 31, nearly double the 306 million on hand at the start of this year. Global stockpiles will total 144.4 million tonnes by May 31, the USDA said. That's up from last month's estimate of 139.9 million and up from 119.8 million tonnes at the end of last May.
LONDON FEED WHEAT
London wheat closed the week £9.50/tonne lower, with front-month November closing below £90/tonne for the first time for a front-month since September 2006. The NFU forecast this year's UK wheat crop at 17.17 million tonnes, which gives us a surplus of over 3mmt.
PARIS MILLING WHEAT
Closed the week with losses of EUR17.25/tonne at levels last seen in Jan 2007, dragged down by lack of export demand (Egypt passed on French wheat, buying US and Russian wheat this week) and the general sell-off in all commodities.
PARIS CORN
Posted a loss of EUR8.50/tonne on the week as a whole on harvest pressure and falling wheat prices. Prices now the lowest since March 2006.
PARIS RAPESEED
Finished the week EUR30.50/tonne lower pressured by falling crude oil and lack of demand. Prices now at their lowest levels since July 2007.
CRUDE OIL
Finished the week posting an overall loss of $16.24/barrel. The biggest one-week decline since March 2003 when a U.S.-led coalition invaded Iraq. The International Energy Agency lowered its 2009 consumption projections by 440,000 barrels a day to 87.2 million barrels a day, citing a weaker economic outlook from the International Monetary Fund.
STERLING
Finished the week 6 1/2c lower against the dollar, hitting its lowest levels in five years, on concern a dispute between the U.K. and Iceland over financial assets in each other's countries will escalate.