Price Report - May 1, 2015
Wheat futures closed lower this week and all three nearby months hit contract lows mid-week. Improving Northern Hemisphere crop conditions and strong global competition for exports weighed heavily on markets. News that Russia might remove its wheat export tax earlier than the July 1 expiration also added pressure. A weaker U.S. Dollar index helped limit losses. KCBT May wheat dropped 9 cents to $4.93/bu, MGEX fell 15 cents to $5.20/bu and CBOT wheat lost 16 cents to $4.70/bu. CBOT May corn dropped 5 cents to $3.60/bu and CBOT May soybeans closed 1 cent lower at $9.69/bu.