US Wheat Price Report : Wheat Futures Rallied Back And Closed Mixed On Friday

• Following the largest daily drop in more than a year on Monday, wheat futures rallied back and closed mixed on Friday. Much needed rain received last weekend and profit taking efforts caused the sharp fall on Monday. Despite the moisture received, continued concern surrounding severe dry conditions helped push markets higher the rest of the week. Strength in the corn market and strong export demand pulled wheat futures higher. Sustained unrest in Ukraine added support late in the week. CBOT May wheat closed 2 cents lower at $6.89/bu. KCBT May wheat added 2 cents to 7.60/bu and MGEX gained 4 cents to $7.36/bu. CBOT May corn closed 12 cents higher at $5.07/bu and CBOT May soybeans fell 16 cents to $14.98/bu.
• According to Drought Monitor reports, drought conditions worsened in key wheat growing areas across the U.S. Plains this week. Forecasts show weekend rain showers will mostly miss the driest parts of the wheat belt.
• USDA reported weekly export sales for delivery in the 2013/14 marketing year were 339,100 MMT, near the high end of market expectations for 200,000 to 400,000 MMT. Total known sales through April 14 were 31.1 MMT. USDA expects total 2013/14 exports to reach 32.0 MMT.
• In its weekly crop progress report, USDA reported 33% of the winter wheat crop as poor or very poor, 1% higher than last week and equal to last year’s rating at this time. USDA rates 34% of the winter crop as good or excellent, unchanged from last week and 1% lower than last year.
• The Baltic Panamax Index increased from 812 last week to 864.
• The US Dollar Index increased from 79.93 last Friday to 79.82.

Source : uswheat.org