There was a noticeable upward trend on the US wheat exchanges at the end of the week. In Chicago, SWR wheat for March was up 14 US cents to 529.50 US cents/bushel. May rose by 12.50 US cents to 539.00 US cents. In Kansas City, HRW wheat for March rose 15 US cents to 540.75 US cents, with May at 550.50 US cents, up 14.50 US cents. Spring wheat in Minneapolis could not quite keep up the pace, but remained slightly higher.
The rally was fueled by two factors: firstly, frosty temperatures combined with sparse snow cover in parts of the winter wheat region led to risk premiums. Secondly, the delayed publication of US export figures also provided a fundamental tailwind for the market. In the week to January 15, 618,076 tons of wheat were sold, the highest figure for nine weeks and more than three times the figure for the same week last year. The largest buyers were unknown destinations, Mexico and South Korea.
On Euronext, March closed €1.50 higher at €191.00/t.
