The US wheat market got off to a weak start to the new week. In Chicago, SWR wheat was down 4.00 US cents for March at 569.50 US cents/bushel. In Kansas City, HRW wheat fell by 12.25 US cents to 560.00 US cents/bushel in March and thus came under particularly heavy pressure. Spring wheat in Minneapolis also closed lower, losing between 2 and 5 US cents.
Fundamentally, the export sector actually provided bullish impetus. According to the latest export inspections, 535,113 tons of wheat were shipped in the week to February 19. This corresponds to an increase of a good 42% compared to the previous week and is around 37% higher than the previous year's figure. The most important buyers were the Philippines with 89,227 tons, followed by Nigeria with 67,932 tons and Bangladesh with 62,144 tons.
Since the beginning of the current marketing year, US wheat exports have thus totaled 18.24 million tonnes. This is a good 19 percent more than in the previous year and underlines the robust international demand.
Nevertheless, profit-taking prevailed on the futures market. In particular, the significant discount in Kansas indicates that market participants have used the recent price increases to adjust their positions. The strong export balance was unable to turn the bearish mood at the start of the week.
On Euronext, May lost 1.25 € to 197.75 €/t. The unclear customs situation is currently causing uncertainty. The Supreme Court had declared the basis on which Trump's tariff policy is based to be inadmissible. Nevertheless, Trump subsequently announced further tariffs of 15%. The EU is demanding clarity from Washington in the current situation.
