US Wheat Price Report : US Wheat Futures Closed Lower

• US wheat futures closed lower for the third consecutive week due to weak export demand and ample world supplies. Improving U.S. crop conditions also added pressure. CBOT July wheat dropped 32 cents since last Friday to close at $6.27/bu. KCBT July lost 29 cents to $7.23/bu and MGEX fell 25 cents to $7.07/bu. CBOT July corn closed 11 cents lower at $4.66/bu and CBOT July soybeans lost 26 cents to $14.93/bu.
• CBOT wheat had the largest single month decline since September 2011, losing 86 cents or 12% of its value in May. KCBT lost 87 cents (11%) in May and MGEX fell 51 cents (7%).
• USDA said U.S. spring wheat planting was a better-than-expected 74% complete, up from just 49% last week and topping expectations. Winter wheat ratings also improved to 30% good-to-excellent, from 29% a week earlier.
• According to USDA’s Export Sales Report, net sales reductions of 52,400 metric tons for delivery during the 2013/2014 marketing year were below trade expectations of zero to 200,000 MT. Sales of 531,500 MMT for 2014/15 were above trade expectations.
• The Baltic Panamax Index fell from 1,001 last week to 872.
• The US Dollar Index remained mostly unchanged, down from 80.45 last Friday to 80.40.

Source : uswheat.org