The wheat complex came under renewed pressure on the US futures exchanges on Friday. In Chicago, SWR wheat was down 1.75 US cents, with December futures closing at 522.50 US cents/bushel. Kansas City HRW wheat was down 2.75 US cents to 507.25 US cents/bushel in December, bringing the weekly loss to 7.50 US cents. Spring Wheat in Minneapolis also extended its losses, losing 4.25 US cents in December.
A firmer US dollar at the end of the week put additional pressure on agricultural commodities. The rising currency weighed on prices and increased the selling pressure. Despite the weak price trend, there is positive momentum from the export sector: cumulative US wheat sales to date have reached a 5-year high for this point in the season at 13.156 million tons and are 20 per cent up on the previous year. This is already 54 percent of the USDA's annual forecast and slightly above the five-year average.
On Euronext, December also saw a downward trend. The month lost €1.50 and stood at €190.75/t at the close of trading.
