The US wheat markets started the new week on Monday with a clear upward movement. In Chicago, December SWR wheat rose by 4.50 US cents to 523.75 US cents/bushel. In Kansas City, December HRW climbed 12.00 US cents to 517.25 US cents/bushel. Spring wheat in Minneapolis followed the firm trend and rose by 11.75 US cents.
Fundamentally, the fresh USDA data had a mixed effect. The US Spring Wheat harvest was 85% complete by September 7, slightly ahead of the average pace. In contrast, the export picture was negative: At 424,993 tons, weekly exports were more than 47 percent below the previous week and almost a third below the previous year's level. The main customers were South Korea, the Philippines and Bangladesh. Since the beginning of the marketing year, exports have nevertheless totalled 7.07 million tons, around 10% more than in the previous year.
On an international level, the growing supply side is creating pressure. The Ukrainian consultancy APK-Inform has raised its forecast for the wheat harvest to 21.9 million tons and expects exports of 15.3 million tons. Sovecon now sees Russian production at 86.1 million tons, slightly higher than before.
The Euronext also saw an upward trend. The December price rose by €2.00 to €191.00 per tonne.
