Wheat prices were under downward pressure at the start of the week. In Chicago (CBOT), SRW wheat prices fell by 3 to 4 cents, while in Kansas City (KCBT) slight declines of 1 to 2 cents were recorded for HRW contracts. September futures on the Minneapolis Exchange (MGEX) fell more sharply by around 10 cents. The July futures contract on the CBOT also expired on Monday.
The market also stagnated in Europe: wheat contracts on Euronext (MATIF) showed no price changes. The most traded September 25 date was unchanged at €197.25/t. The following dates were also stable: December 25 at 207.75 €/t and March 26 at 215.50 €/t. There was no market impetus due to a lack of new news from Europe.
According to the USDA Crop Progress Report, the US winter wheat harvest was 63% complete, slightly below the 5-year average.
Weekly US export inspections were weak: At 438,533 tons, the volume exported was 15.8% below the previous week and almost 30% below the previous year's figure. The most important destination countries were Mexico, the Philippines and South Korea. Total shipments in the current marketing year so far amount to 2.283 million tons - a drop of 3.04% compared to the previous year.
New political tensions also had a negative impact: Over the weekend, US President Trump announced punitive tariffs of 30% on imports from the EU and Mexico from August 1. On Monday, he also threatened Russia with secondary sanctions if peace talks in the Ukraine war do not lead to a result within 50 days. The market reacted with uncertainty.
