Price Report - October 2, 2015
While wheat futures markets closed mostly higher for the fourth consecutive week after USDA lowered its U.S. wheat production estimate, farmer selling continues to be non-existent, and underlying fundamentals remain bearish. Ample global wheat supplies and weak export demand continue to weigh on the market as is evident from the marketing year low export sales numbers reported this week. Since hitting multi-year lows at the beginning of September, CBOT, KCBT and MGEX have rallied 55 cents, 50 cents and 42 cents, respectively, an average gain of 11% for the month. CBOT December wheat futures added 5 cents to reach $5.13/bu and MGEX grew 4 cents to $5.27/bu. KCBT wheat closed at $5.00/bu on par with last Friday. December CBOT corn was flat for the week at $3.89/bu and November CBOT soybeans dropped 15 cents to $8.74/bu.