May 10, 2013
All three wheat contracts closed lower this week due to a sharp drop on Friday following USDA’s first 2013/14 global supply and demand report. Forecasts for record-large world wheat production, unexpectedly high carryout stocks and a 31 percent increase in U.S. corn production pressured wheat futures. Earlier in the week, HRW and HRS contracts found support from poor crop conditions and slow planting progress, respectively. MGEX May contract lost 1 cent on the week to close at $8.58/bu. CBOT May wheat closed 15 cents lower at $6.97/bu and KCBT fell 19 cents to $7.72/bu.