US Wheat Price Report :USDA Reported Total U.S. Winter Wheat As 76% Planted

• Wheat futures closed mixed this week despite hitting a six-week high on Thursday. Markets found strength midweek from planting delays in the Midwest and production issues in Australia and Russia. But weak export demand, a strengthening dollar and technical selling all pushed markets lower on Monday and Friday. Volatility in corn and soy also caused fluctuations in wheat. CBOT December wheat gained 2 cents to $5.18/bu. KCBT lost 8 cents to $5.94/bu and MGEX dropped 3 cents to $5.67/bu. CBOT December corn added 5 cents to $3.53/bu and CBOT November soybeans gained 26 cents to $9.78/bu.
• USDA reported total U.S. winter wheat as 76% planted by Oct. 19, in line with the five-year average. But SRW seeding was behind in several states including Illinois and Indiana.
• Argentina’s Economy Ministry authorized exports of an additional 400,000 MT of wheat this week, in addition to the 1.5 MMT previously authorized for old crop wheat. There are reports the Ministry will authorize new crop exports next week. USDA expects Argentina’s 2014/15 exports to rebound to 6.0 MMT, up from just 2.2 MMT last year.
• Analyst group SovEcon said this week that a lack of moisture in Russia has already hindered winter wheat development and 2015/16 production could fall below 50.0 MMT. If realized, it would be lowest since 2012/13 and 15% below 2014/15.
• In its weekly export sales update, USDA reported net sales of 299,400 MT, down 39 percent from the prior 4-week average and below trade expectations of 350,000 to 500,000 MT.
• The Baltic Panamax Index closed unchanged from last Friday at 865.
• The US Dollar Index closed higher this week at 85.80, up from 85.30.

Source : uswheat.org