US Wheat Price Report : HRW Closed Higher On Fears Weekend Rains Could Damage Mature HRW

• U.S. wheat futures closed mixed this week. CBOT wheat fell due to rainfall that could improve conditions of emerging crops in the U.S. Plains. High prices relative to competitors and spillover weakness in corn and soybeans added pressure to CBOT wheat. Easing concerns about delayed spring plantings pushed MGEX wheat lower early in the week but bargain buying helped the nearby month contract recover its losses. HRW closed higher on fears weekend rains could damage mature HRW. Seasonal harvest pressure and forecasts for large global supply pressured all three markets. CBOT July wheat fell 9 cents to $6.18/bu. MGEX July closed 3 cents higher at $7.09/bu and KCBT gained 13 cents to $7.36/bu. CBOT July corn dropped 7 cents to $4.59/bu and CBOT July soybeans fell 36 cents to $14.57/bu.
• In its weekly crop update, USDA said spring wheat planting was 88% complete, topping expectations and matching the five-year average. Spring wheat plantings were significantly delayed three weeks ago but dry weather allowed farmers to return to field work and planting is now ahead of last year’s pace of 80% complete. USDA said U.S. winter wheat ratings were unchanged from the previous week, with 30% in good to excellent condition and 30% in poor or very poor condition.
• Analytics firm Informa Economics lowered its 2014/15 U.S. winter wheat production forecast to 38.0 MMT from 40.7 MMT, providing support to KCBT wheat.
• The European Commission raised its forecast for this year's soft wheat crop in the 28-country European Union to 137.5 MMT, from 135.9 MMT previously, and up from 134.4 MMT last year. USDA pegs EU production at 145 MMT. Russia's IKAR raised its 2014/15 domestic grain crop forecast to 96 million tonnes from 95 million previously, after recent rains helped improve growing conditions.
• The Baltic Panamax Index fell from 872 last week to 727.
• The US Dollar Index remained mostly unchanged, down from 80.40 last Friday to 80.43.

Source : uswheat.org