Prices on the US wheat exchanges closed firmer on Thursday. In Chicago, SWR wheat for September rose by 9.75 US cents to 518.25 US cents/bushel. In Kansas City, HRW wheat for September rose 10.00 US cents to 521.50 US cents/bushel. Spring wheat in Minneapolis was also up, with increases of up to 5.00 US cents.
The buying mood was driven by surprisingly strong export figures. The USDA reported sales of a total of 737,831 tons of US wheat for the week ending 31 July, including 414,312 tons of HRW. This not only clearly exceeded market expectations, but also set a record for the current marketing year. Nigeria was the largest buyer with 185,900 tons, followed by Bangladesh with 165,000 tons and Mexico with 105,900 tons.
Fresh demand also came from Asia: a South Korean importer secured 65,000 tons of wheat, presumably from the USA. On the supply side, however, the analyst firm Expana gave a bearish impulse. It raised its forecast for the EU wheat harvest by 2.1 million tons to 132.8 million tons. This additional volume could have a price-dampening effect on the international market in the coming weeks.
On Euronext, wheat for September gained €3.75 to €197.50 per tonne.
