Price Report - April 17, 2015
All three wheat futures markets dropped sharply this week and hit contract lows at least one day each. Rain in the very dry U.S. plains improved crop prospects and forecasts for moisture in the U.S., Russian and Chinese wheat belts pressured markets. Weak export demand, exacerbated by a strong U.S. Dollar, also pushed futures lower. After dropping dramatically last week, U.S. crop conditions were mostly steady and failed to support futures. KCBT May wheat had the largest decline, down 50 cents to $5.09/bu. MGEX dropped 48 cents to $5.33/bu and CBOT wheat fell 32 cents to $4.95/bu. CBOT May corn added 3 cents to $3.79/bu and CBOT soybeans closed 17 cents higher at $9.69/bu.