All three nearby futures contracts closed higher for the third consecutive week. Strong export demand and concerns about cold, dry conditions in the U.S. Plains pushed futures to a two-month high on Wednesday. Profit taking efforts led to two losing sessions on Thursday and Friday. Logistical issues in Canada that increased demand for high protein US wheat supported MGEX early in the week but expectations that the problems will ease soon pushed prices lower later in the week. CBOT March wheat gained 11 cents to close at $6.10/bu. KCBT March wheat added 8 cents to $6.83/bu and MGEX closed 2 cents higher at $6.64/bu. CBOT March corn gained 8 cents to $4.53/bu and CBOT soybeans added 33 cents to $13.71/bu.
Forecasts call for another round of frigid temperatures in the U.S. Plains next week, creating a possible threat to SRW and HRW crops. However, forecasters are divided about whether temperatures will drop low enough to cause damage in areas that lack snow cover.
USDA reported weekly export sales of 424,500 MT, down 29 percent from the previous week and from the prior 4-week average and within trade expectations of 400,000 to 700,000 MT. Total known outstanding sales and accumulated exports for the 2013/14 marketing year, through February 13, 2014 were 27.7 MMT, 24 percent greater than last year's year-to-date total of 22.3 MMT. USDA forecasts 2013/14 U.S. wheat exports (including donations) to reach 32.0 MMT.
The Baltic Panamax Index fell from 1,311 last week to 1,244.
The US Dollar Index increased slightly from 80.20 to 80.27.
Source:
http://www.farms.com/news/us-wheat-price-report-all-three-nearby-futures-contracts-closed-higher-73230.aspx
