US Wheat Price Report : Wheat Futures Closed Lower This Week Due To Ample World Supplies

• Wheat futures closed lower this week due to ample world supplies and seasonal harvest pressure. Weak export demand and forecasts for rain in the southern U.S. Plains also added pressure. Concerns about HRS planting delays limited MGEX losses midweek. CBOT July wheat fell 19 cents to close at $6.59/bu. KCBT dropped 27 cents to $7.52/bu and MGEX lost 24 cents to $7.31/bu. CBOT July corn fell 8 cents to $4.77/bu and CBOT July soybeans added 49 cents to $15.19/bu.
• Forecasted rain showers in the southern U.S. Plains are likely too late to help conditions in Texas and Oklahoma but could improve harvest prospects and test weights farther north, including in Kansas.
• In its weekly crop progress report, USDA estimated 29% of the U.S. winter wheat crop in good to excellent condition on May 18, declining from 30% a week earlier. USDA said the spring wheat crop was 49% planted, compared to the 5-year average of 68%.
• According to USDA's Export Sales Report, weekly sales of 142,200 MT for delivery during the 2013/2014 marketing year were up noticeably from the previous week, but down 39 percent from the prior 4-week average and within trade expectations of 50,000 to 250,000. Total known outstanding sales and accumulated exports of all classes of wheat, through May 15, 2014 were 31.8 MMT, 17% greater than last year's year-to-date total of 27.1 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 32.3 MMT.
• The Baltic Panamax Index decreased from 1,041 last week to 1,001.
• The US Dollar Index increased from 80.12 last Friday to 80.45.

Source : uswheat .org