The US wheat market continued its downward slide on Monday. In Chicago, SWR wheat for December was clearly in the red with a drop of 11.75 US cents and ended trading at 510.75 US cents/bushel. In Kansas City, HRW wheat for December was down 5.00 US cents to close at 502.25 US cents/bushel. Spring wheat in Minneapolis also closed weaker with a decline of between 2 and 4 US cents.
Fundamentally, the weekly Crop Progress report was mixed: Winter wheat seeding was at 20 percent, three points below the long-term average. In spring wheat, 96 percent of the area has been harvested, which is in line with the five-year average.
Despite weak exchange rates, export figures were surprisingly strong. In the week ending September 18, 854,454 tons of US wheat were shipped. This corresponds to an increase of almost 13 percent compared to the previous week and almost 18 percent more than in the previous year. The largest buyers were the Philippines with around 132,000 tons, followed by Mexico and Vietnam.
On Euronext, December was also lower, closing down €1.75 to €189.00 per tonne.
