US Wheat Price Report : Wheat Futures Fell This Week

• Wheat futures fell this week due to growing harvest pressure and a bearish U.S. wheat plantings report. Strong competition for exports and ample global supply continue to depress markets. Spillover weakness in corn futures also pushed wheat futures lower. Bargain buying after markets hit a four and a half month low on Wednesday and weather concerns in the northern U.S. Plains provided a boost to futures midweek. CBOT July wheat dropped 14 cents since last Friday to close at $5.68/bu. MGEX July fell 18 cents to $6.61/bu and KCBT closed 24 cents lower at $6.97/bu. CBOT July corn lost 26 cents to $4.17/bu and CBOT July soybean fell 49 cents to $13.89/bu.
• In its annual acreage report, USDA estimated total 2014/15 wheat area is 56.5 million acres, up less than 1% from 2013/14 and up from a March estimate of 55.8 million acres. Estimated winter wheat acres increased from the March estimate of 42.0 million to 42.3 million, down 2% from last year. The spring wheat estimate of 12.7 million acres is up 10% from 2013/14 and greater than the previous estimate of 12.0 million.
• In its weekly crop progress report, USDA reported U.S. winter wheat harvest was 43% complete as of June 29, compared to 40% complete last year on that date and down from the five-year average of 48%.
• USDA estimates that 70% of the spring wheat crop was in good or excellent condition as of June 29 but forecasts for heavy rain showers this weekend threaten to hurt harvest prospects.
• The Baltic Panamax Index rose week-over-week for the first time since May 16, up from 419 last week to 557.
• The US Dollar Index closed higher this week, up from 80.08 last Friday to 80.26.

Source : uswheat.org