The US wheat markets closed weaker on Tuesday. In Chicago, SWR wheat for September was down 8.75 US cents at 529.75 US cents/bushel. In Kansas City, December HRW wheat was down 7.25 US cents at 539.50 US cents/bushel. Prices for spring wheat in Minneapolis fell slightly, with December futures down 3.00 US cents.
Weak export data from the EU and progress in the US winter wheat harvest, which according to the USDA is now 80% complete - just behind the five-year average - had a negative impact. Spring wheat, on the other hand, showed a supportive signal: the proportion of stocks rated good/excellent fell by 3 percentage points to just 49%.
EU soft wheat exports amounted to 803,256 tons as of July 27 - well below the previous year's figure of 2.248 million tons in the same period. It is worth mentioning that the figures from France are still missing, which will correct the figure upwards. Nevertheless, the difficulties of a strong currency on the world market are becoming apparent.
Wheat for September fell to €196.75/t, down €2.50.
