The US wheat markets were firmer on Tuesday. In Chicago, the SRW contract for September rose by 7.25 US cents to 549.50 US cents/bushel. In Kansas City, prices for HRW also rose by up to 7.5 US cents. Spring wheat in Minneapolis also saw a moderate recovery with an increase of 5.25 US cents to 592.75 US cents/bushel for the month of September.
The latest quality report brought news, with the proportion of areas rated good/excellent downgraded slightly to 52%, down 2 percentage points. At 73%, harvest progress is slightly above average.
Internationally, harvest estimates remain stable: the Russian Ministry of Agriculture continues to expect a harvest of between 88 and 90 million tons, which is above the forecasts of some private analysts and the USDA. Reports of drought and even a state of emergency had led investors to believe in recent weeks that yields would fall significantly. According to Argus, the wheat harvest in France is estimated at 33.4 million tons - around 30% more than in the previous year.
Wheat was also able to make up ground on Euronext. The September price climbed slightly by € 0.75 to end the month at € 202.75 per tonne.
