Tim Hannagan: Markets could have one more 'leg up'

This week's USDA Weekly Export Sales Report shows the effects of world grain production problems. 

Wheat exports last week were 854,000 metric tons, up 61% from the four-week average and new crop sales for after June 1, 2011 were 572,000.  New-crop year sales are unheard of this time of year, but long term wheat production and availability remain in question. Total sales were 1.426 m.m.t. with sales to every corner of the  earth. Egypt was in for the second consecutive week after avoiding U.S. wheat the past season, as they bought heavily on Russian ports. 


Ron and Sue Mortensen: Wheat ban rules the markets

Vladimir Putin announced this morning that there would be an export ban on Russian wheat and grains from August 15th to December 31st.  Ships that are currently loading will be allowed to finish and then the Russian loadings will stop.  With this government action, anticipated for several weeks, export sales contracts will be cancelled.  Buyers will need to find other suppliers or hold off on purchases.