US wheat Price Report : All Three Wheat Futures Indexes Closed Higher This Week

May 05, 2014
  • All three wheat futures indexes closed higher this week. KCBT contracts were sharply higher after a survey projected the worst HRW yields in Kansas in 13 years and hot weather threatens to further damage the Southern U.S. Plains crop. Delayed HRS plantings in the Northern U.S. Plains supported MGEX contracts. CBOT SRW wheat contracts followed the other indexes higher. KCBT May wheat closed 72 cents higher than last Friday at $8.32/bu. MGEX added 27 cents to $7.63/bu and CBOT gained 19 cents to $7.08/bu. CBOT May corn dropped 13 cents to $4.94/bu and CBOT May soybeans fell 17 cents to $14.81/bu.
  • In its weekly crop conditions update, USDA rated 34% of the US winter wheat crop as poor or very poor, up from 33% last week and just below last year’s rating of 35%. USDA decreased the percentage rated good or excellent by 1% to 33%, equal to the rating at this time last year.
  • According to USDA, 18 percent of intended spring wheat acres were planted as of April 27, up from 10% last week and well below the five-year average of 30% planted.
  • The Wheat Quality Council’s annual HRW Tour projected yields in Kansas, the largest HRW producer, will be the lowest since 2001. Scouts traveled the state and surveyed 587 fields, including some in southern Nebraska and northern Oklahoma, and estimated the region’s yield will average 33.2 bu/ac (2.24 MT/ha). Last year, the tour projected an average yield of 38.0 bu/ac (2.58 MT/ha) and the five-year tour average is 41.8 bu/ac (2.84 bu/ac).
  • The Baltic Panamax Index increased slightly from 864 last week to 865.

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