Price Report - September 26, 2014
The nearby contract of all three U.S. wheat futures markets closed lower week-over-week for the fifth consecutive time on Friday. Expectations for record global supplies and overall weakness in corn and soybeans continue to weigh on wheat futures. The U.S. dollar hit a four-year high against a basket of currencies, making U.S. exports less attractive and pressuring commodities. Large spring wheat yields in the northern plains and improving soil moisture in the southern plains during winter wheat planting both pushed futures lower. Futures found support from a U.S. wheat sale to Egypt, a sign that U.S. wheat might be getting more competitive. CBOT December wheat fell 14 cents to $4.74/bu, KCBT dropped 6 cents to $5.64/bu and MGEX lost 2 cents to $5.33/bu. CBOT December corn fell 15 cents to $3.23/bu and CBOT November soybeans closed 61 cents lower at $9.10/bu.