US Wheat Price : U.S. Wheat Futures Closed Mixed This Week

May 12, 2014
  • U.S. wheat futures closed mixed this week. All three markets moved higher early in the week as record high temperatures and high winds in the southern U.S. Plains further stressed wheat already suffering from severe drought conditions. Profit taking pushed KCBT and CBOT wheat lower late in the week after the two nearby contracts hit a 16-month and 12-month high, respectively. MGEX wheat avoided losses due to slow progress of spring wheat planting. Political unrest in the Ukrainian port city of Odessa also supported futures. MGEX May wheat added 32 cents on the week to close at $7.95/bu. CBOT May wheat gained 6 cents to $7.14/bu and KCBT lost 13 cents to $8.19/bu. CBOT May corn increased 11 cents to $5.05/bu and CBOT May soybeans added 20 cents to $15.01/bu.
  • In its weekly crop progress report, USDA rated 31% of the U.S. winter wheat crop as good to excellent condition as of May 4, down from 33% a week earlier and compared to 32% last year at this time. USDA said the U.S. spring wheat crop was 26 percent planted, well behind the five-year average of 41 percent.
  • In its first supply and demand estimates for marketing year 2014/15, USDA pegged total U.S. production to fall 8% from last year to 53.4 MMT and 9% below the 5-year average. Total estimated U.S. supplies will fall 10% and reach the lowest level since 2007/08. USDA projects total world production will reach 697 MMT, the second highest on record behind the record 714 MMT set in 2013/14.The report did not provide any unexpected news and did not significantly impact wheat futures on Friday.
  • Statistics Canada reported the largest March 31 Canadian wheat stocks in 20 years, at 21.25 MMT, a result of record production and serious rail issues.
  • The Baltic Panamax Index increased from 865 last week to 889.
  • The US Dollar Index increased from 79.56 last Friday to 79.96.

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