Friday was a mixed day on the US wheat markets: In Chicago, SWR wheat for September fell by 3.75 US cents to 514.50 US cents/bushel. In Kansas City, HRW wheat for September lost 3.25 US cents to 518.25 US cents/bushel. Spring wheat in Minneapolis, on the other hand, rose slightly and ended the day in positive territory with gains of up to 3 US cents.
Ahead of the WASDE report on Tuesday, analysts expect total US production of 1.922 billion bushels, 7 million bushels less than in the previous month. At 10.309 million tons, exports for the new crop are higher than at any time since 2017/18. This is 20 % higher than the previous year and 45 % ahead of the five-year average.
Internationally, there were slightly higher harvest forecasts: the French Ministry of Agriculture raised its estimate by 0.5 million tons to 33.1 million tons. In Russia, the analyst firm IKAR now expects 84.5 million tons, also 0.5 million tons more than before. The increased international production figures tend to weigh on prices, while the continued strong US export flow remains supportive.
On Euronext, September lost €1.00 at the end of the week and stood at €196.50/t at the close of trading.
