US Wheat Price Report : Wheat Futures Closed Higher

• U.S. wheat futures closed higher this week on concerns about deteriorating crop conditions in the southern U.S. Plains. Strong export demand supported markets, including a SRW cargo purchase by Egypt. Worries about how political tensions in the Black Sea region might disrupt grain shipments helped push futures higher. All three nearby futures contracts closed at a 10 month high on Wednesday. A stronger U.S. dollar limited gains late in the week. KCBT May wheat gained 20 cents on the week to close at $7.71/bu. MGEX added 9 cents to $7.43/bu and CBOT increased 6 cents to $6.93/bu. CBOT May corn fell 7 cents to $4.79/bu and CBOT May soybeans added 20 cents to $14.08/bu.
• USDA’s weekly state crop reports indicated declining wheat conditions in Kansas, Oklahoma and Texas – three major HRW producing states. Reports also indicated potential winterkill issues in parts of Kansas.
• The ten-day weather forecast shows very little potential for precipitation in the U.S. Plains region. Dry conditions persist as winter wheat emerges from dormancy.
• In its weekly report, USDA reported export sales of 401,800 MT for delivery during the 2013/2014 marketing year, down 16 percent from the previous week and 12 percent from the prior 4-week average and within trade expectations of 250,000 to 500,000 MT. Total known outstanding sales and accumulated exports, through March 13, 2014 were 29.5 million metric tons (MMT), 19 percent greater than last year's year-to-date total of 24.7 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 32.0 MMT.
• The Baltic Panamax Index remained mostly unchanged from 1,113 last week to 1,112.
• The US Dollar Index decreased from 79.44 last week to 80.26.

Source: uswheat.org