US wheat contracts hit new lows on all three exchanges on Tuesday. HRW wheat in Kansas City was particularly weak, falling 12.50 US cents to 504.50 US cents/bushel for September delivery. In Chicago, SWR wheat was also down 8.50 US cents for September and was quoted at 508.25 US cents/bushel at the close of trading. Spring wheat in Minneapolis fell by up to 4.00 US cents.
In addition to technical selling pressure, weaker export data also had a negative impact: According to the official June figures, 1.719 million tons of wheat were exported, which marks a four-year high but is still 20.42% less than in May. The USDA's latest status report shows that the proportion of the spring wheat harvest rated good/excellent has fallen by 1 percentage point to 48%.
Internationally, the export trend also remains weak: the EU has reported only 1.11 million tons of soft wheat exports since the start of the season on 1 July - a significant drop compared to the 2.64 million tons in the previous year. A private US export to South Korea of 65,000 tons could not sustainably support the mood.
On Euronext, September wheat lost €3.75 and ended the month at €193.50/t.
