US Wheat Price : U.S. Wheat Futures Closed Sharply Lower This Week

• U.S. wheat futures closed sharply lower this week as the market continued to react to last week’s WASDE report which projected ample world supplies moving into the 2014/15 marketing year. Slow demand for U.S. exports and forecasts for improved weather conditions added pressure. MGEX losses were limited by worries about planting delays in the northern U.S. Plains. KCBT July wheat fell 50 cents to $7.79/bu. CBOT July dropped 44 cents to $6.78/bu and MGEX closed 40 cents lower at $7.55/bu. CBOT July corn fell 23 cents to $4.84/bu and CBOT July soybeans lost 17 cents to $14.70/bu.
• In its weekly crop progress report, USDA said 34% of intended spring wheat acres had been planted as of May 11, up from 26% last week but still behind the five-year average of 53%.
• USDA rated 30% of the U.S. winter crop as in good or excellent condition as of May 11, down 1% from last week and the lowest for this time of year since 1996. It rated 42% of the crop as poor or very poor, compared to 38% a week earlier.
• USDA reported weekly export sales of 54,900 MT for delivery in the 2013/14 marketing year, down 83% from last week and below trade expectations of 100,000 to 300,000 MT. It reported sales of 197,100 MT for the 2014/15 marketing year, which was within trade expectations.
• Analytical firm Informa Economics cut its forecast of 2014 U.S. spring wheat plantings to 12.1 million acres, from 12.3 million in March. Informa pegged U.S. all-wheat plantings at 56.1 million acres, compared to 56.6 million previously.
• The Baltic Panamax Index increased from 889 last week to 1,041.
• The US Dollar Index increased from 79.96 last Friday to 80.12.

Source : uswheat .org