At the end of the week, the US wheat markets rose noticeably ahead of the long holiday weekend. In Chicago, SWR wheat for December was up 5.25 US cents at 534.25 US cents/bushel. September futures closed with a premium of 7.75 US cents at 518.00 US cents/bushel. In Kansas City, December HRW wheat rose 4.00 US cents to 519.75 US cents/bushel. Spring wheat futures in Minneapolis also closed firmer, with price gains of 2.00 to 4.00 US cents.
On the weather side, things remain exciting: 25 to 75 millimetres of rain are expected across the southern Plains in the coming week. On the other hand, drier conditions in parts of North Dakota, Montana and the Northwest could accelerate the spring wheat harvest.
The latest US export report was received bullishly: at 12.15 million tons, cumulative wheat sales are currently at 51 per cent of the USDA forecast and thus well above the five-year average. It is the strongest booking volume for this calendar week in over 10 years.
Stock markets will be closed today, Monday, for the Labor Day holiday. Trading will resume on Monday evening for the Tuesday session.
On Euronext, wheat for December also gained, rising €1.50 to €194.00/t.
