In Chicago, SWR wheat for December was up slightly by 1.50 US cents to 525.00 US cents/bushel. March futures rose by 1.75 US cents to 542.75 US cents/bushel. In Kansas City, HRW contracts fell slightly: December lost 0.75 US cents to 514.00 US cents/bushel and March futures closed 0.25 US cents lower. Spring wheat on the Minneapolis exchange was unchanged to slightly firmer.
Fundamentally, strong US export figures supported the market: in the week to September 11, the USDA reported exports of 775,073 tons, an increase of over 80 per cent on the previous week. In a year-on-year comparison, deliveries were a good 31 percent higher. US wheat was particularly in demand in Mexico, Indonesia and South Korea. Exports in the current marketing year already total 7.86 million tons, exceeding the previous year's level by 12 per cent.
The bullish reaction to Spring Wheat was limited. This was probably triggered by the rapid progress of the spring wheat harvest: according to NASS, 94 percent has been harvested, two percentage points faster than the average. Winter wheat sowings, on the other hand, are slightly behind the norm at 11 percent.
On Euronext, December wheat rose to €1.25 to €191.00 per tonne.
