US Wheat Harvest Report : U.S. Wheat Futures Closed Mixed

• U.S. wheat futures closed mixed this week despite early gains due to bargain buying after markets hit a four-year low last week. Renewed fears of geopolitical tension in the Black Sea region following a commercial airliner crash in eastern Ukraine pushed futures higher on Thursday but markets posted sharp losses Friday as concerns subsided. Continued pressure from the advancing northern hemisphere harvest, expectations for plentiful global supplies and limited demand for U.S. wheat weighed on markets. CBOT September wheat added 6 cents to close at $5.32/bu. MGEX gained 2 cents to $6.30/bu and KCBT fell 3 cents to $6.34/bu. CBOT September corn lost 7 cents to $3.71/bu and CBOT August soybeans fell 19 cents to $11.76.
• Higher basis levels in the PNW are a result of rising freight costs within the U.S.
• The large weekly change in nearby spring wheat FOB values is due to an inflated closing value on the expiring MGEX July contract last Friday. The change in week over week August values based on the September contract closely followed the other classes.
• In its weekly crop update, USDA said the U.S. winter wheat harvest was 69% complete by July, ahead of the five-year average of 68%.
• According to USDA's weekly Export Sales Report, net sales of 320,700 MT for the 2014/15 marketing year fell below trade expectations of 400,000 to 550,000 MT. Total known outstanding sales and accumulated exports of all classes of wheat, through July 10, 2014 were 8.49 MMT, 27% lower than last year's year-to-date total of 11.6 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 24.5 MMT.
• The Baltic Panamax Index closed lower this week, down from 679 last Friday to 586.
• The US Dollar Index closed higher this week, up from 80.24 last Friday to 80.50.

Source : uswheat.org