US Wheat Crop Price Report : Wheat Futures Closed Higher For The Second Consecutive Week

• Wheat futures closed higher for the second consecutive week. USDA unexpectedly lowered its estimate for global ending stocks in a Friday report, providing support to futures despite an increase in the global production forecast. Wheat also found support from an easing U.S. dollar and strength in corn and soybean markets. Gains were limited by disappointing U.S. commercial sales and signs of lower world export demand. CBOT December wheat added 13 cents to close the week at $4.99/bu. KCBT and MGEX December contracts both gained 10 cents to close at $5.78/bu and $5.53/bu, respectively. CBOT December corn added 11 cents to $3.34/bu and CBOT November soybeans increased 10 cents to $9.23/bu.
• In its monthly WASDE update, USDA lowered its forecast for U.S. and world ending stocks due to increased feed use and higher expected exports. USDA increased is global production estimate by 1.17 MMT to a record 721 MMT, compared to the record 715 MMT set last year.
• According to USDA's weekly Export Sales Report, net sales of 372,400 MT for delivery in the 2014/2015 marketing year were down 50% from the previous week and 30% from the prior 4-week average and below trade expectations of 400,000 to 600,000 MT. Total known outstanding sales and accumulated exports, through October 2, 2014 were 13.9 million metric tons (MMT), 27% lower than last year's year-to-date total of 19.2 MMT. USDA forecasts 2014/15 U.S. wheat exports (including donations) to reach 25.2 MMT.
• Both delivery points for the Paris-based commodity market Euronext stopped accepting wheat for the November delivery period due to slow exports and tight capacity.
• The Baltic Panamax Index closed 22 points lower than last Friday at 865.
• The US Dollar Index closed higher this week at 86.05, down from 86.81.

Source : useheat.org