The US wheat markets were under pressure across the board on Tuesday. In Chicago, September SWR wheat lost 4.75 US cents to close at 500.75 US cents/bushel, while December fell 3.50 US cents to 520.25 US cents/bushel. In Kansas City, HRW wheat for September slipped 4.75 US cents to 487.50 US cents/bushel and December fell as much as 7.00 US cents to 510.25 US cents/bushel. Spring Wheat in Minneapolis also closed weaker with losses of between 2 and 4 US cents.
The progress of the US harvest had a negative impact. According to the USDA, 85 percent of spring wheat had already been harvested by September 7, one percentage point above the long-term average. While Montana and the Dakotas were slightly behind, the other growing regions were ahead of the usual pace.
Internationally, the Ukraine was the main source of pressure: the Ministry of Economics expects winter wheat cultivation to reach 4.75 million hectares, which would be 250,000 hectares more than in the previous year. In the EU, on the other hand, exports are down on the previous year, with exports totaling 3.2 million tons since the beginning of the marketing year, compared to 5.05 million tons a year ago.
Wheat also lost ground on Euronext, dropping €2.25 to €188.75 per tonne for December.
