U.S.

Wheat Associates
Weekly Price Report
February 7, 2014
Export
Region
Great
Lakes

Gulf of
Mexico

Pacific
N. West

FEB (H14)
Percent Protein

(nearbys)
FOB $/bu

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
$
$
$
$
$

closed
closed
closed
9.04
9.74
10.04
7.89
7.94
7.99
8.04
8.19
7.18
9.09
9.29
9.49
8.74
8.79
8.84
9.29
7.80
7.90
8.10
7.95
8.35

FEB (H14)

MAR (H14)

APR (K14)

MAY (K14)

JUN (N14)

JUL (N14)

AUG (U14)

$/bu

$/MT

$/MT

/bu

$/MT

/bu

$/MT

/bu

$/MT

/bu

$/MT

/bu

$/MT

/bu

$/MT

/bu

Year Ago
(nearbys)
$/MT

N/A
N/A
N/A
0.15
0.15
0.15
0.29
0.29
0.29
0.29
0.29
0.22
0.55
0.55
0.45
0.44
0.44
0.44
0.44
0.15
0.15
0.15
0.15
0.15

N/A
N/A
N/A
6
6
6
11
11
11
11
11
8
20
20
17
16
16
16
16
6
6
6
6
6

closed
closed
closed
332
358
369
290
292
294
296
301
264
334
341
349
321
323
325
341
287
290
298
292
307

N/A
N/A
N/A
265
335
365
140
145
150
155
170
140
270
290
310
225
230
235
280
7.80
7.90
8.10
7.95
8.35

closed
closed
closed
327
352
363
286
288
290
292
297
256
334
341
349
321
323
325
341
287
290
298
292
307

N/A
N/A
N/A
250
320
350
130
135
140
145
160
120
270
290
310
225
230
235
280
7.80
7.90
8.10
7.95
8.35

297
301
307
310
336
347
286
288
290
292
297
253
316
323
330
310
312
314
330
276
279
287
281
296

190
200
215
225
295
325
140
145
150
155
170
110
240
260
280
205
210
215
260
7.50
7.60
7.80
7.65
8.05

297
301
307
310
336
347
286
288
290
292
297
251
316
323
330
310
312
314
330
274
277
285
279
294

190
200
215
225
295
325
140
145
150
155
170
105
240
260
280
205
210
215
260
7.45
7.55
7.75
7.60
8.00

298
302
308
291
317
328
278
280
282
284
289
242
306
313
320
298
300
302
318
270
274
281
276
290

190
200
215
170
240
270
130
135
140
145
160
75
210
230
250
185
190
195
240
7.35
7.45
7.65
7.50
7.90

291
295
300
291
317
328
278
280
282
284
289
240
306
313
320
295
296
298
315
266
270
277
272
287

170
180
195
170
240
270
130
135
140
145
160
70
210
230
250
175
180
185
230
7.25
7.35
7.55
7.40
7.80

286
290
296
294
319
331
281
283
284
286
292
243
308
316
323
290
292
294
310
266
270
277
272
287

150
160
175
170
240
270
130
135
140
145
160
70
210
230
250
155
160
165
210
7.25
7.35
7.55
7.40
7.80

N/A
N/A
N/A
362
362
364
338
338
340
342
345
311
359
359
361
342
343
345
364
331
331
331
333
333

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 $9.66 to $9.93/bu ($355 to $365/MT). Offers from Gulf ports range from $10.34 to $10.75/bu ($380 to $395/MT).

Futures Settlements as of
February 7, 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

MAR (H14)
MAR (H14)
$/MT
$/bu
212.83
5.7750
234.60
6.4925
227.53
6.3925
177.18
4.4425
489.23
13.3150

week
change
$/bu
0.2175
0.3375
0.3525
0.1025
0.4875

week
MAY (K14) change
$/bu
$/bu
5.7925
0.2100
6.3850
0.2750
6.1925
0.2000
4.5000
0.1050
13.1750
0.4900

week
week
JUL (N14) change AUG (Q14) change SEP (U14)
$/bu
$/bu
$/bu
$/bu
$/bu
5.8375
0.2225
5.9200
6.2675
0.2400
6.3425
6.2225
0.1475
6.2950
4.5550
0.1150
4.5700
12.9800
0.4600
12.5100 0.4050
11.7450

week
change
$/bu
0.2200
0.2175
0.1350
0.1075
0.3000

week
NOV (X14) change
$/bu
$/bu

11.2175

week
DEC (Z14) change
$/bu
$/bu
6.0475
0.2200
6.4575
0.2000
6.4125
0.1250
4.6000
0.1000

0.1725

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).

JAN (F15)
$/bu

week
change
$/bu

11.2650

0.1675

U.S. Wheat Associates

Weekly Price Report (page 2)
U.S. dollars/metric ton

Handymax
40-46 TMT
19

Panamax
54+ TMT

43

60

38
58

35
47
37
39
30
37
67
67
54
57
38
41
34
41
53
37
34
32
32

35
33
31
30

Freight Index**
Week Ending
1/31/2014
1/24/2014
1/17/2014
1/10/2014
1/3/2014
12/27/2013
12/20/2013
12/13/2013
12/6/2013
11/29/2013
11/22/2013
11/15/2013
11/8/2013
11/1/2013
10/25/2013
10/18/2013
10/11/2013
10/4/2013
9/27/2013
9/20/2013
9/13/2013
9/6/2013
8/30/2013
8/23/2013
8/9/2013
8/2/2013
7/26/2013
7/19/2013
7/12/2013

General
Index
445.0
451.1
444.7
455.9
468.5
468.5
465.5
463.4
450.8
440.2
436.1
440.2
442.5
436.1
452.2
455.1
460.6
458.3
457.3
440.5
435.5
419.9
413.4
412.7
410.1
408.0
408.6
409.8
410.9

Grain Freight
Index
541.3
543.5
539.8
544.8
549.9
549.9
546.5
538.9
531.6
523.2
520.2
525.5
530.6
521.5
533.2
536.1
538.7
535.9
533.3
512.6
508.4
495.0
491.2
491.2
489.3
488.0
489.5
491.2
491.9

Number of
Fixtures
419
394
437
455
110
110
366
433
416
450
430
469
404
359
369
340
361
408
422
376
368
387
324
372
324
377
377
402
366

Ocean Freight Rate Indices

600
550
500
450
400
350
300
Nov-12

Jan-13

Mar-13

May-13
Grain

Jul-13

Sep-13

Nov-13

General

Egyptian Freight Estimates

60
50
40
30
20
10
0
Nov-12

Feb-13

May-13

Aug-13

Gulf origin

Nov-13
PNW origin

Selected Exchange Rates

0.85

1.30

Sources: *Trade representatives and recent shipments, **Maritime Research, Inc., ***Nominal Major Currencies, Federal Reserve Board

0.80

1.25

Summary of Foreign Currency Exchange Rates (versus $1 U.S. dollar)

Week Ending
Index***
Argentina
Australia
2/7/14
N/A
7.896
1.117
1/31/14
103.75
8.008
1.143
1/24/14
103.41
6.902
1.137
1/17/14
103.09
6.731
1.134
2/7/13
99.50
4.987
0.968
2/7/09
110.58
3.486
1.516
4.25
58.31%
15.40%
1 year change
5 year change
-6.84
126.52%
-26.35%

Brazil
2.399
2.431
2.382
2.366
1.988
2.280
20.64%
5.22%

Canada
1.107
1.118
1.113
1.094
0.997
1.237
11.08%
-10.53%

Egypt
6.981
6.981
6.980
6.980
6.720
5.581
3.87%
25.08%

EU
0.738
0.735
0.735
0.735
0.738
0.780
0.01%
-5.33%

Japan
101.604
102.459
104.135
104.595
93.655
91.330
8.49%
11.25%

Russia

34.804
35.157
34.070
33.422
30.033
36.369
15.89%
-4.30%

euro/US dollar xx

Note: Rates for freight leaving the Great Lakes are quoted for 18,000 MT "Salties."

1.20

0.75

1.15

0.70

1.10
0.65

1.05

0.60

1.00

0.55
0.50
Feb-13

0.95
0.90
Apr-13

Jun-13
euro

Aug-13

Oct-13

Dec-13

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 cchumrau@uswheat.org.

Canadian/US dollar

Handy
25-30 TMT
21
35
38
26
38
35
43
46

$/metric ton

February 7, 2014
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

HRW Basis at PNW and Gulf Ports

(ordinary protein)

10
240
220

9
cents/bushel XXl

8
$/bushel

200

180
160
140
120
100

80
60

40
20
0
Feb-13

4
Feb-13

Apr-13

Jun-13
KBOT

Aug-13

Oct-13

MGE

Dec-13

Feb-14

Apr-13

cents/bushel XX

cents/bushel XX

350
300
250
200

160
140
120
100
80

150

60

100

40

50

20

Apr-13

Jun-13

Aug-13

Oct-13

PNW HRS 14

Dec-13

0
Feb-13

Feb-14

330

$/bushel

310
290
270
250
230

PNW SW

Jul-13

Aug-13

Oct-13

Dec-13

Feb-14

Dec-13

Feb-14

12% protein

HRW Cash Prices at the Gulf

350

May-13

Jun-13
ords

370

Mar-13

Apr-13

G.L. HRS 14

SW and SRW Nearby Cash Prices

$/metric ton

Gulf

180

Gulf HRS 14

February 7, 2014

Feb-14

200

400

Weekly Price Report (page 3)

Dec-13

220

450

U.S. Wheat Associates

Oct-13

HRW Protein Premiums - PNW

500

210
Jan-13

Aug-13
PNW

CBOT

HRS Basis at Various Ports

0
Feb-13

Jun-13

Sep-13

Nov-13

Jan-14

Gulf SRW

Custom graphs of historic nearby cash prices may be accessed at:

http://www.uswheat.org/priceReports/nearbyCash

10
9
8
7
6
5
4
3
2
1
0
Feb-13

Apr-13

Jun-13

Aug-13

KCBOT Futures

Oct-13

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:

February 7, 2014
Daily Settlement Prices (DEC13)

* All three futures markets closed higher this week for the first time since October 18, 2013. Concerns

6.6

about declining crop conditions in the U.S. Plains and expectations for light deliveries on the March
contracts provided support. Strong export demand for U.S. supplies also boosted futures. Logistical
problems in Canada complicated the movement of high-protein wheat and provided support to the
MGEX index. The MGEX March contract added 35 cents to close the week at $6.39/bu. KCBT gained 34
ents to $6.49/bu and CBOT increased 22 cents to $5.78/bu. CBOT March corn added 10 cents to
$4.44/bu and CBOT March soybeans gained 49 cents to $13.32/bu.

6.4

$/bu

6.2
6
5.8
5.6

* USDAs National Agricultural Statistics Service downgraded winter crop conditions this week. In Kansas,

5.4
2/3/14

2/4/14

CBOT

2/5/14

KCBT

2/6/14

2/7/14

MGEX

the largest HRW producer, the percentage of wheat rated good to excellent fell from 58% a month ago
to 35%. The percentage rated poor to very poor increased from 6% to 20%. In Oklahoma, the
percentage of wheat rated poor to very poor increased from 8% to 24%. Wheat conditions also
deteriorated in Texas and Nebraska. Despite the declining crop conditions during January, wheat
ratings are still higher than last year at this time. Thirty-nine percent of the Kansas wheat crop was
rated as poor to very poor at the end of January 2013.

Wheat Futures Forward Curve

* According to USDA, weekly net sales of 638,800 MT were down 15 percent from the previous week,

6.80

but up 62 percent from the prior 4-week average and within trade expectations of 500,000 to 750,000
MT. Total known outstanding sales and accumulated exports of all classes of wheat for the 2013/14
marketing year, through January 30, 2014 were 26.7 million metric tons (MMT), 27 percent greater
than last year's year-to-date total of 21.0 MMT. USDA forecasts 2013/14 U.S. wheat exports (including
donations) to reach 30.6 MMT.

$/bu

6.40

6.00

5.60

* The Baltic Panamax Index fell from 1,337 last week to 1,304. Freight activity is low due to Chinese New

5.20

* The US Dollar Index fell from 81.4 last week to 80.77.

Year celebrations.

MAR 14

MAY 14

CBOT

JUL 14

KCBT

MGEX

SEP 14