Price Report - November 14, 2014
U.S. wheat futures closed higher all five days this week and posted its largest weekly gain in two years. Unseasonably cold weather in the U.S., Russia and Ukraine pose a winterkill threat to winter wheat ahead of dormancy, which boosted futures. USDA’s monthly WASDE update was supportive to wheat, lowering U.S. production and carryout projections and global production estimates. Strong U.S. export sales and renewed political tensions between Russian and Ukraine pushed futures higher. CBOT December wheat gained 46 cents to $5.60/bu, MGEX added 43 cents to $5.89/bu and KCBT closed 36 cents higher at $6.05/bu. CBOT December wheat added 14 cents to $3.82/bu and CBOT November soybeans dropped 12 cents to $10.28/bu.