Wheat prices continued their weak phase. Prices on the US futures exchanges fell again on Thursday. On the CBoT, the July contract lost 7.25 US cents and closed at 521.00 US cents/bushel, while the September futures contract fell by 7.75 US cents. Kansas City (HRW) and Minneapolis (Spring Wheat) also recorded losses of between 2 and 6 US cents. The main reason for this was weak US export figures: According to the USDA, only 255,208 metric tons of wheat were sold in the week ending June 19 - a drop of over 40% from the previous week and nearly 62% less than the same period last year. Japan was the largest buyer with 93,600 tons. Further pressure came from an increase in the Russian wheat harvest estimate to 84.53 million tons and a further increase in the EU harvest forecast to 128.2 million tons for 2025/26. The International Grains Council (IGC) also raised global production by 2 million tons to 808 million tons. Global ending stocks were also revised upwards to 264 million tons. All in all, this is news that is depressing the price of wheat. This was also felt on Euronext, where wheat for September fell again and ended €2.00 lower at €195.25 per tonne.
Source
VR AGRAR
