US Wheat Price Report : Wheat Futures Closed Higher

• Wheat futures closed higher this week on worries that supplies of milling quality wheat will be low in Ukraine and France. A smaller than expected production forecast in Canada also added support. Heavy rain in North Dakota caused delays to the spring wheat harvest and threatened to damage quality, supporting futures. Weak U.S. export sales data and decreasing concerns about political turmoil in the Black Sea region limited gains. CBOT September wheat added one cent to $5.52/bu, KCBT gained 14 cents to $6.34/bu and MGEX closed 18 cents higher at $6.28/bu. CBOT September corn closed unchanged from last Friday at $3.66/bu and CBOT September soybeans added 64 cents to $11.66/bu.
• A Ukrainian flour millers association asked the government to suspend exports of high quality milling wheat until more is known about the size and quality of the harvest. Excessive rain considerably damaged crop quality and local millers worry there won’t be enough milling-quality wheat to meet domestic demand.
• Canada’s national agency Statistics Canada projected the country’s 2014/15 wheat production will reach 27.7 MMT, down 26 percent from a record set in 2013 and below an average of analyst estimates for 28.5 MMT. USDA currently estimates Canadian production at 28.0 MMT.
• Weekly export sales of 209,200 metric tons were down 38 percent from the previous week and 62 percent from the prior 4-week average and below trade expectations of 350,000 to 500,000 MT. Total known outstanding sales and accumulated exports for the 2014/15 marketing year, through August 14, 2014 were 10.9 MMT, 26% lower than last year's year-to-date total of 14.6 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 25.2 MMT.
• The Baltic Panamax Index closed 73 points higher than last Friday at 812.
• The US Dollar Index closed higher this week at 82.40, up from 81.46.

Source : uswheat.org