US Wheat Price Report : Wheat Futures Closed Higher This Week

• Wheat futures closed higher this week after freezing temperatures swept through the southern U.S. Plains wheat belt where crops are already stressed by drought conditions. Escalating political tension in the Ukraine’s wheat export region also pushed futures higher. Strong U.S. export sales, which were much higher than expected, supported markets on Thursday. KCBT May led nearby wheat contracts, up 36 cents to $7.58/bu. MGEX added 31 cents to $7.33/bu and CBOT closed 29 cents higher at $6.91/bu. CBOT May corn fell 7 cents to $4.95/bu and CBOT May soybeans gained 32 cents to $15.14/bu. Markets will be closed on Friday.
• In its weekly update, USDA reported weekly export sales of 438,000 metric tons, up noticeably from the previous week and well above trade expectations of 50,000 to 250,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat for the 2013/14 marketing year, through April 10, 2014 were 30.7 MMT, 17 percent greater than last year's year-to-date total of 26.2 MMT.
• In its weekly crop condition update, USDA downgraded the winter wheat rating. The percent of the crop rated poor or very poor increased from 29% last week to 32%, compared to 31% last year at this time. The crop rated as good or excellent fell 1% to 34%, down from 36% last year.
• The Baltic Panamax Index increased from 782 last week to 812.
• The US Dollar Index increased from 79.52 last Friday to 79.93.

Source : uswheat.org