Price Report - March 7, 2014
Wheat futures closed sharply higher this week due to political instability in Ukraine, a major wheat exporter. Spillover strength from corn and concern that cold weekend temperatures could damage wheat added support. Monthly state reports released by USDA’s National Agricultural Statistics Service showed crop quality in the southern U.S. Plains deteriorated in February, which boosted KCBT contracts. Continued logistics issues in Canada and strong demand for high protein wheat supported MGEX. MGEX March wheat closed 81 cents higher at $7.52/bu. CBOT added 47 cents to $6.46/bu and KCBT gained 38 cents to $7.15/bu. CBOT March corn added 24 cents to $4.81/bu and CBOT March soybeans gained 43 cents to $14.58/bu.