US Wheat Price Report : The Nearby Contract Of All Three U.S. Wheat Futures Markets Closed Lower Week-Over-Weeka

• The nearby contract of all three U.S. wheat futures markets closed lower week-over-week for the fifth consecutive time on Friday. Expectations for record global supplies and overall weakness in corn and soybeans continue to weigh on wheat futures. The U.S. dollar hit a four-year high against a basket of currencies, making U.S. exports less attractive and pressuring commodities. Large spring wheat yields in the northern plains and improving soil moisture in the southern plains during winter wheat planting both pushed futures lower. Futures found support from a U.S. wheat sale to Egypt, a sign that U.S. wheat might be getting more competitive. CBOT December wheat fell 14 cents to $4.74/bu, KCBT dropped 6 cents to $5.64/bu and MGEX lost 2 cents to $5.33/bu. CBOT December corn fell 15 cents to $3.23/bu and CBOT November soybeans closed 61 cents lower at $9.10/bu.
• The International Grains Council increased its 2014/15 global production estimate this month by 4.0 MMT to a record 717 MMT, compared to the previous record of 713 MMT set last year.
• Egypt’s state grain buyer, GASC, purchased 55,000 metric tons of SRW on Saturday. Prior to the purchase, total U.S. sales to Egypt in the 2014/15 marketing year, which started June 1, equaled 38,500 metric tons.
• According to USDA’s weekly crop progress report, U.S. spring wheat harvest was 86% complete as of September 21, lagging the 5-year average of 92%. USDA reported winter wheat plantings as 25% complete, ahead of the 5-year average of 22%.
• Russia’s agriculture minister said this week the country is expecting its largest grain harvest in six years, including at least 56.0 MMT of wheat. If realized, it would be the largest Russian wheat crop since 2009/10.
• According to USDA’s Export Sales Report, weekly sales of 396,300 metric tons for delivery in the 2014/2015 marketing year were up 26% from the previous week and 1% from the prior 4-week average. Total known outstanding sales and accumulated exports through September 18, 2014 were 12.8 MMT, 27% lower than last year's year-to-date total of 17.7 MMT. USDA forecasts 2014/15 U.S. wheat exports (including donations) to reach 24.5 MMT.
• The Baltic Panamax Index closed 7 points lower than last Friday at 807.
• The US Dollar Index closed higher this week at 85.80, up from 84.86.

Source : uswheat .org