The US wheat market was mixed on Monday. While futures contracts for Chicago wheat closed slightly higher, prices in Kansas City and Minneapolis fell in some cases. In Chicago, SWR wheat for September was up slightly by 0.25 US cents at 538.50 US cents/bushel. Spring wheat lost 3.25 US cents for the same month to 582.50 US cents/bushel.
Weekly crop progress data showed that 80% of the US winter wheat harvest is complete, slightly below the long-term average and providing some price support. The condition rating for the northern growing regions deteriorated three percentage points to 49% in good/excellent condition.
Export inspections for the week ending July 24 amounted to 288,793 tons, which was significantly below the previous year's figure (-38%). The main buyers were Nigeria, Japan and Mexico. Since the start of the new marketing year on June 1, a total of 3.31 million tons have been shipped - an increase of almost 6% compared to the previous year.
Wheat on Euronext gained €3.75 to €199.25/t in September. The devaluation of the euro, which improves the exportability of European producers, had a significant influence on this increase.
