The wheat markets remained under pressure in the middle of the week. Losses were recorded on all three US exchanges. The July and September contracts on the CBoT fell by 7.5 US cents each and closed at 528.25 US cents and 544.5 USD/bushel respectively. The discounts were even greater for hard red in Kansas City, where July and September both fell by 10.5 US cents. Spring wheat futures in Minneapolis also suffered correspondingly high losses. They were as high as 13.5 and 13.75 US cents respectively. The latest price falls reflect a weaker market sentiment, which is characterized among other things by the expectation of high inventories in the USA. According to analysts' estimates, wheat stocks will be around 836 million bushels by the middle of the year. The export outlook did not help to ease the situation either: The weekly US export sales expected this Thursday are estimated at just 300,000 to 600,000 tons. Internationally, a slight increase in the forecast for the Russian wheat harvest to 83 million tons put additional pressure on prices. Things also looked bearish on Euronext. Wheat lost €2.75 here in September and most recently stood at just €197.25 per tonne.
Source
VR AGRAR
