In Chicago, SWR wheat for September was up 8 US cents to 510.25 US cents/bushel. December futures rose by 4.75 US cents to 529.00 US cents/bushel. HRW wheat in Kansas City gained slightly, with September rising 1.25 US cents to 486.75 US cents/bushel. Spring Wheat in Minneapolis was also friendly, with September up 4.25 US cents.
The US export report from the morning had a particularly supportive effect. In the week to August 21, 579,794 tons of wheat were sold, an increase of 11.55 per cent compared to the previous week and exactly in line with market expectations. Vietnam was the largest buyer with 156,800 tons, followed by Nigeria (106,000 tons) and Mexico (94,200 tons). At the same time, however, 139,600 tons were cancelled and reallocated to unspecified destinations, which slightly dampened the overall impression.
Internationally, new harvest estimates caused some movement. In Canada, the total wheat harvest is expected to be below market consensus at 35.55 million tons, a decline of 1.1% compared to the previous year. Spring wheat is particularly affected with a drop of 2 percent. In the EU, on the other hand, the Commission is expecting a slight increase to 128.1 million tons, with higher stocks at the same time. This news was also reflected in the price. On Euronext, December fell by 1.50 €/t to 192.50 €/t.
