U.S.

Wheat Associates
Weekly Price Report (page 1)
November 8, 2019
NOV (Z19) NOV (Z19) DEC (Z19) JAN (H20) FEB (H20) MAR (H20) APR (K20) MAY (K20) Year Ago
Export
Percent Protein (nearbys) week change FOB Basis FOB Basis FOB Basis FOB Basis FOB Basis FOB Basis FOB Basis (nearbys)
Region
12% (Dry) Moisture Basis FOB $/bu $/bu $/MT $/MT ¢/bu $/MT ¢/bu $/MT ¢/bu $/MT ¢/bu $/MT ¢/bu $/MT ¢/bu $/MT ¢/bu $/MT
Great NS/DNS 13.5 (15.3) M 6.59 0.02 1
242 140 244 145 closed N/A closed N/A closed N/A 254 145 254 145 227
Lakes NS/DNS 14.0 (15.9) M 6.69 0.02 1
246 150 247 155 closed N/A closed N/A closed N/A 257 155 257 155 231
NS/DNS 14.5 (16.5) M 6.74 0.02 1
247 155 249 160 closed N/A closed N/A closed N/A 259 160 259 160 238
NS/DNS 13.5 (15.3) M 7.29 -0.13 -5
268 210 268 210 272 205 272 205 272 205 276 205 276 205 268
NS/DNS 14.0 (15.9) M 7.19 -0.13 -5
264 200 264 200 268 195 268 195 268 195 272 195 272 195 271
NS/DNS 14.5 (16.5) M 7.29 -0.13 -5
268 210 268 210 272 205 272 205 272 205 276 205 276 205 275
Gulf of HRW Ord K 5.67 0.00 0
208 145 208 145 210 140 210 140 210 140 212 140 212 140 231
Mexico HRW 11.0 (12.5) K 5.77 0.00 0
212 155 212 155 213 150 213 150 213 150 216 150 216 150 229
HRW 11.5 (13.1) K 5.97 0.00 0
219 175 219 175 221 170 221 170 221 170 223 170 223 170 231
HRW 12.0 (13.6) K 6.17 0.00 0
227 195 227 195 228 190 228 190 228 190 231 190 231 190 232
HRW 12.5 (14.2) K 6.37 0.01 0
234 215 234 215 235 210 235 210 235 210 238 210 238 210 236
SRW C 6.20 -0.06 -2
228 110 228 110 229 110 231 115 231 115 235 120 235 120 214
NS/DNS 13.5 (15.3) M 7.39 -0.13 -5
271 220 271 220 276 215 277 220 277 220 281 220 281 220 255
NS/DNS 14.0 (15.9) M 7.44 -0.13 -5
273 225 273 225 277 220 279 225 279 225 283 225 283 225 257
NS/DNS 14.5 (16.5) M 7.69 -0.13 -5
282 250 282 250 287 245 288 250 288 250 292 250 292 250 258
HRW Ord K 6.22 0.00 0
228 200 227 195 228 190 230 195 230 195 233 195 233 195 243
Pacific HRW 11.5 (13.1) K 6.27 0.00 0
230 205 228 200 230 195 232 200 232 200 235 200 235 200 242
N. West HRW 12.0 (13.6) K 6.47 0.00 0
238 225 236 220 237 215 239 220 239 220 242 220 242 220 243
HRW 13.0 (14.8) K 6.97 0.00 0
256 275 254 270 256 265 257 270 257 270 260 270 260 270 245
SW 9.5 (10.8) Min $ 6.38 0.00 0
234 6.38 234 6.38 234 6.38 236 6.43 238 6.48 238 6.48 238 6.48 N/A
SW 10.5 (11.9) Max $ 6.35 0.00 0
233 6.35 233 6.35 233 6.35 235 6.40 237 6.45 237 6.45 237 6.45 237
SW 9.5 (10.8) Max $ 6.45 0.00 0
237 6.45 237 6.45 237 6.45 239 6.50 241 6.55 241 6.55 241 6.55 239
WW with 10% Club $ 6.70 0.00 0
246 6.70 246 6.70 246 6.70 248 6.75 250 6.80 250 6.80 250 6.80 238
WW with 20% Club $ 6.95 0.00 0
255 6.95 255 6.95 255 6.95 257 7.00 259 7.05 259 7.05 259 7.05 239
Durum: a range of prices are available depending upon various quality attributes and logistics.
Northern Durum offers from the Lakes range from $7.48 to $7.89/bu ($275 to $290/MT), and offers from Gulf ports range from $8.43 to $8.84/bu ($310 to $325/MT). For Desert Durum offers, contact your supplier.
Hard white: a range of prices are available depending upon various quality attributes and logistics.
Futures Settlements as of Grey positions not quoted on specific exchange
November 8, 2019 week week week week week week week week
DEC (Z19) DEC (Z19) change JAN (F20) change MAR (H20) change MAY (K20) change JUL (N20) change AUG (Q20) change SEP (U20) change DEC (Z20) change
$/MT $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu $/bu
Chicago BOT SRW 187.48 5.1025 (0.0575) 5.1425 (0.0750) 5.1975 (0.0675) 5.2400 (0.0700) 5.3150 (0.0625) 5.4350 (0.0500)
Kansas City BOT HRW 154.87 4.2150 (0.0450) 4.3050 (0.0825) 4.3825 (0.0950) 4.4550 (0.1075) 4.5400 (0.1125) 4.6650 (0.1200)
Minneapolis MGE NS/DNS 190.52 5.1850 (0.1275) 5.3500 (0.1300) 5.4525 (0.1325) 5.5450 (0.1200) 5.6250 (0.1100) 5.7350 (0.1050)
Chicago BOT Corn 138.62 3.7725 (0.1200) 3.8650 (0.1200) 3.9350 (0.1100) 3.9975 (0.1025) 3.9625 (0.0625) 4.0100 (0.0475)
Chicago BOT Soybeans 9.3100 (0.0575) 9.4400 (0.0525) 9.5550 (0.0525) 9.6600 (0.0475) 9.6925 (0.0450) 9.6575 (0.0500)
Legend: 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.

Cash: Durum, SW and WW are quoted in dollars per bushel ($/bu.) rather than basis for each contract month.

Convert: 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).
 U.S. Wheat Associates
Weekly Price Report (page 2)
November 8, 2019
Ocean Freight Rate Estimates by Origin* U.S. dollars/metric ton
Export Import Handy Handymax Panamax Freight Index** General Grain Freight Number of Ocean Freight Rate Indices
500
Region Region 25-30 TMT 40-46 TMT 54+ TMT Week Ending Index Index Fixtures
US Gulf Mexico (Veracruz) 18 15 11/8/2019 363.8 422.0 541
W. South America (Peru/Ecu) 28 11/1/2019 368.4 425.0 442 450
S. South America (Chile) 26 10/25/2019 368.8 425.0 500
N. America (Columbia) 20 10/18/2019 371.3 425.0 563 400
E. South America (Brazil) 24 10/11/2019 373.6 426.5 617
West Africa (Nigeria) 55 10/4/2019 371.1 426.5 571
350
East Mediterranean (Italy) 39 9/27/2019 376.8 431.5 548
West Mediterranean (Morocco) 37 9/20/2019 381.8 432.3 559
Persian Gulf (Iraq) 74 9/13/2019 383.8 432.3 509 300
Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19
Middle East (Egypt) 30 9/6/2019 384.8 433.4 547
Grain Freight Index General Index
Japan 50 49 8/30/2019 378.9 433.4 455
Mid Atlantic N. South America (Venezuela) 33 8/23/2019 372.6 430.1 596
West Africa (Nigeria) 56 8/16/2019 371.9 430.1 494 Handymax Freight Estimates
35
Middle East (Egypt) 56 8/9/2019 366.3 424.4 520
St. Lawrence N. South America (Venezuela) 18 8/2/2019 369.7 426.6 529
30
Europe/Rotterdam 17 7/26/2019 373.7 428.3 565
Great Lakes East Mediterranean (Italy) 55 7/12/2019 368.8 429.9 567

$/metric ton
25
PNW W. South America (Peru/Ecu) 26 6/14/2019 352.4 422.6 527
S. South America (Chile) 30 6/7/2019 354.7 424.3 489
20
N. South America (Colombia) 32 5/31/2019 352.6 424.3 524
Persian Gulf (Iraq) 54 5/24/2019 351.6 424.3 587
15
Middle East (Egypt) 31 5/17/2019 351.1 423.7 555
East Africa (Djibouti/Mombasa) 43 41 5/10/2019 350.5 423.7 584 10
South Asia (Mal/Indon/Phil/Sing) 37 29 5/3/2019 350.9 423.7 474 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19
Taiwan 25 24 4/26/2019 347.4 424.3 514
Mexico Gulf origin Japan PNW origin
South Korea 24 23 4/18/2019 345.0 422.7 442
Japan 28 27 4/12/2019 343.0 421.5 621
Note: Rates for freight leaving the Great Lakes are quoted for 18,000 MT "Salties." Selected Exchange Rates
Sources: *Trade representatives and recent shipments, **Maritime Research, Inc., ***Nominal Major Currencies, Federal Reserve Board 1.00 1.40
1.38
Summary of Foreign Currency Exchange Rates (versus $1 U.S.)

US Dollar/ Canadian Dollar

0.95 1.36

US Dollar/ Euro
Week Ending Index*** Argentina Australia Brazil Canada Egypt EU Japan Russia 1.34
11/8/19 N/A 59.50 1.459 4.161 1.323 16.10 0.907 109.2 63.82 0.90 1.32
11/1/19 115.9 59.52 1.447 3.990 1.313 16.09 0.896 108.2 63.52 1.30
0.85 1.28
10/25/19 116.2 59.92 1.466 4.003 1.306 16.12 0.903 108.6 63.84
1.26
10/18/19 116.3 58.17 1.459 4.111 1.312 16.23 0.895 108.4 63.75
0.80 1.24
11/8/18 115.7 35.44 1.378 3.760 1.315 17.86 0.880 114.1 66.89
1.22
11/8/14 99.02 8.513 1.165 2.571 1.141 7.173 0.807 115.1 47.16
0.75 1.20
1 year change N/A 67.89% 5.88% 10.65% 0.59% -9.85% 3.10% -4.30% -4.59% Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19
5 year change N/A 598.87% 25.26% 61.82% 15.95% 124.47% 12.48% -5.15% 35.32%
Euro 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.
This contact will 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 Claire Hutchins at (703) 650-0244 or chutchins@uswheat.org.
 Nearby Futures Contract Prices SW and SRW Nearby Cash Prices
260
7.50

240
6.50

220

$/bu

$/MT
5.50
200

4.50
180

3.50 160

CBOT SRW KCBT HRW MGEX HRS PNW SW Gulf SRW

Wheat Futures Forward Curve closed

closed
6.00
closed
5.60

N/A
5.20
$/bu

4.80

4.40

4.00

3.60
MAR (H20) MAY (K20) JUL (N20)
Gulf HRS 14 Gulf HRW 12 Gulf SRW PNW HRS 14 PNW HRW 12 PNW SW 10.5

CBOT SRW KCBT HRW MGEX HRS

HRW Protein Premiums - PNW HRW Cash Prices at the Gulf

Weekly Price Report (page 3
U.S. Wheat Associates

260 8.00
240
7.00
220
6.00
200
5.00
₵/buXX

180
$/bu

4.00
November 8, 2019

160

140 3.00

120 2.00

100 1.00
80 0.00

PNW HRW Ord PNW HRW 12 KCBT HRW Futures Gulf HRW basis
U.S. Wheat Associates
Weekly Price Report (page 4) Highlights
November 8, 2019

Daily Futures Settlement Prices (DEC 19)

• All wheat futures ended below last week’s close following pressure in the corn and soybean markets following
6.00
USDA’s November supply and demand report that held corn and soybean acreage steady month-over-month.
5.75
USDA’s report noting larger global wheat supplies added pressure. December soft red winter (SRW) futures lost
5.50 6 cents to close at $5.10/bu. December hard red winter (HRW) futures fell 4 cents to close at $4.21/bu.
5.25 December hard red spring (HRS) futures lost 13 cents to end at $5.18/bu. CBOT December corn futures fell 12
5.00 cents to close at $3.77/bu. CBOT January soybean futures lost 6 cents to close at $9.31/bu.
$/ bu

4.75
4.50 • Higher freight rates and minimal farmer selling supported HRW export basis out of the Gulf and Pacific Northwest
(PNW) for November and December deliveries. Minimal farmer selling kept Gulf and PNW HRS export basis
4.25
steady and high week-over-week.
4.00
3.75
• New U.S. wheat commercial sales of 360,000 metric tons (MT) were 27% lower than last week’s 494,000 MT and
3.50 in line with trade expectations of 350,000 MT to 600,000 MT. Year-to-date commercial sales of 14.9 million metric
11/1/19 11/4/19 11/5/19 11/6/19 11/7/19 11/8/19
tons (MMT) are 9% ahead of last year’s pace. USDA forecasts 2019/20 U.S. wheat exports will total 25.9 MMT,
CBOT SRW KCBT HRW MGEX HRS 1% more than 2018/19, if realized.
denotes break between last Friday and current week closed
• On Nov. 4, USDA reported U.S. winter wheat planting at 89% complete compared to 83% last year and the 5-
closed year average of 88%.
HRS Export Basis for Nearby Delivery
250
N/A • In its November World Agricultural Supply and Demand Estimates (WASDE) report, USDA lowered its U.S. HRS
and durum production estimates following a wet, delayed harvest across the Northern Plains. The HRS
200
production estimate fell by 1.0 MMT to 14.2 MMT in November. The durum production estimate fell from 1.58
MMT in October to 1.47 MMT in November.
150
₵/ bu

100 • The Nov. 7 Drought Monitor reported widespread, beneficial rainfall in SRW-producing regions from the Midwest
to the Southeast. Relatively dry weather and cooler than normal temperatures were reported across the High
Plains. Looking ahead, above-normal precipitation is expected in eastern Montana and western parts of the
50
Northern Plains.

0 • USDA raised its forecasts for Russian, Ukrainian, and European Union (EU) wheat production and lowered its
forecasts for Australian and Argentinian wheat production. Russian wheat production is expected to total 74.0
Gulf HRS 14 PNW HRS 14 G.L. HRS 14 MMT, up from the October estimate of 72.5 MMT. Ukrainian farmers are expected to produce 29.0 MMT, up from
28.7 MMT. EU wheat production is expected to reach 153 MMT, up from 152 MMT. Australian wheat production
is expected to total 18.0 MMT, down from the October estimate of 20.0 MMT. Argentinian wheat production is
forecast at 20.0 MMT, down from 20.5 MMT.
HRW Export Basis for Nearby Delivery
260 • By Nov. 6, according to Bolsa de Cereales, only 15% of Argentina’s wheat crop is in good condition and none of
240 the country’s wheat is rated excellent compared to 35% excellent and 9% excellent this time last year. The
Argentinian wheat harvest is now 7% complete compared to 11% last year and the 5-year average of 8%.
220

200 • On Nov. 6, according to the Brazilian Ministry of Agriculture, Brazil announced it intends to put into effect a tariff-
free import quota for 750,000 MT of wheat imported from outside the Mercosure agreement. The Brazilian
₵/ bu

180
government is now moving forward with developing a final process and date for implementing the TRQ.
160

140 • The Baltic Dry Index fell 19% week-over-week from 1,697 to close at 1,428.
120
• The U.S. Dollar Index climbed from last week’s 97.24 to end at 98.36.
100

Gulf HRW 12 PNW HRW 12