U.S Wheat Price Report

• All three wheat futures markets closed higher this week due to strong export sales and a bullish USDA report. China continued its recent wheat buying spree with more than 1.0 MMT purchased in one week. New USDA supply and demand estimates signaled tighter world wheat supplies and increased trade. KCBT July wheat led all three nearby contracts with a 36 cent increase to $7.13/bu. MGEX July added 35 cents to $7.96/bu and CBOT July wheat closed 18 cents higher at $6.76/bu. CBOT July corn added 23 cents to $7.02/bu and CBOT July soybeans fell 20 cents to $15.63/bu.
• In its monthly WASDE update on Thursday, USDA increased estimated world production to a record 698 MMT. USDA reduced estimated ending stocks by 8.87 MMT to 172 MMT, which would be the lowest since 2008/09 and below analysts’ estimates. Projected U.S. exports increased from 26.5 MMT in June to 29.2 MMT.
• On Thursday, USDA reported weekly wheat sales of 1,473,300 MT, including 1.02 MMT of SRW to China. Total known outstanding sales and accumulated exports of all classes of wheat for the 2013/14 marketing year, through July 4, 2013 were 10.6 million metric tons (MMT), 43 percent greater than last year's year-to-date total of 7.45 MMT.
• The Baltic Panamax Index increased by 89 points since last Friday to 1097. Higher summer demand compared to last year, including good demand for short period ships, helped push the index higher. Maritime Research's Grain Freight Index remained unchanged at 490.3.
• The US Dollar Index fell 2 percent this week to 83.16 from 84.66 last Friday.

Source : uswheat.org