US Wheat Price Report : Wheat Futures Closed Lower

• Wheat futures closed lower this week due to improved weather forecasts and a bearish USDA stocks report that showed higher U.S. wheat stocks than expected. Spillover weakness in the corn market also added pressure. KCBT May wheat fell 30 cents to $7.34/bu, CBOT dropped 26 cents to $6.70/bu and MGEX closed 18 cents lower at $7.22/bu. CBOT May corn added 10 cents to $5.02/bu and CBOT May soybeans increased 37 cents to $14.74/bu.
• In its quarterly stocks report released Monday, USDA estimated U.S. wheat stocks at 28.7 MMT as of March 1, above trade expectations of 28.4. The number prompted speculation that USDA will decrease domestic feed use and increase its U.S. ending stocks projection in the April WASDE.
• USDA released its prospective plantings report on Monday, projecting that 2014 total U.S. wheat acres will fall 1% from 2013 to 55.8 million acres. USDA increased a previous winter wheat acreage estimate to 42.0 million acres, down 3% from last year, which includes 30.2 million acres of HRW. USDA expects a 4% increase in spring wheat area of 12.0 million acres and a 22% increase in durum area of 1.8 million acres.
• Rain showers are expected throughout the weekend in the southern U.S. Plains wheat growing region.
• The Baltic Panamax Index fell from 978 last week to 822.
• The US Dollar Index increased slightly from 80.34 last week to 80.56.

Source : uswheat.org