US Wheat Price Report : Wheat Futures Closed Mixed This Week

Mar 31, 2014
  • Wheat futures closed mixed this this week. Worries that dry weather could limit yield potential in the southern U.S. Plains supported futures early in the week but some rainfall and forecasts for more pressured prices on Friday. Concern about political tension and possible market disruptions in the Black Sea region added support. Strong export sales of U.S. wheat and corn also pushed wheat futures higher on Thursday. Profit taking after futures hit a four-month high last week weighed on markets. CBOT May wheat closed 2 cents higher than last Friday at $6.96/bu. KCBT fell 8 cents to $7.64/bu and MGEX dropped 4 cents to $7.40/bu. CBOT May corn added 13 cents to $4.92/bu and CBOT May soybeans gained 28 cents to $14.37/bu.
  • White wheat prices increased this week due to an extended lock closure in the Columbia River.
  • In its weekly update, USDA reported worsening crop conditions in Kansas, Oklahoma and Texas, three key HRW states. The weekly U.S. Drought Monitor report said drought conditions classified as severe or worse expanded over the last week in Kansas and extreme drought expanded in Oklahoma.
  • USDA reported weekly export sales of 400,500 MT for delivery during the 2013/2014 marketing year, within expectations of 325,000 to 475,000 MT. In addition, sales of 327,500 MT for 2014/2015 were reported, beating expectations of 50,000 to 250,000 MT.
  • The Baltic Panamax Index fell from 1,112 last week to 978.
  • The US Dollar Index increased slightly from 80.26 last week to 80.34.

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