The US wheat market continued its downward trend in the middle of the week. In Chicago, SWR wheat for September was down 7.25 US cents at 502.25 US cents/bushel. The December contracts lost 7.50 US cents and were quoted at 524.25 US cents/bushel at the close of trading. In Kansas City, HRW futures also fell: September futures closed 7.50 US cents lower at 485.50 US cents/bushel. December delivery lost 4.75 US cents to 513.00 US cents/bushel. Spring Wheat in Minneapolis came under particularly heavy pressure and slumped by double digits.
Ahead of Thursday's export report, analysts expect between 400,000 and 700,000 metric tons of US wheat sales for the week ending August 21. These figures are likely to have an impact on the short-term price trend.
Internationally, the focus has shifted to Ukraine in particular: a farmers' association there estimates the upcoming 2025 wheat harvest at 21.8 million tons. This is slightly below the latest USDA estimate of 22 million tons and marks a decline compared to the previous year's 22.7 million tons. New production data is expected from Canada on Thursday morning. Analysts see this year's harvest in a range between 34.2 and 37.2 million tons - compared to 34.4 million tons in the August estimate.
