The US wheat markets continued their downward slide on Wednesday. In Chicago, September SWR wheat fell by 9.00 US cents to close at 504.00 US cents/bushel, while December futures lost 6.25 US cents to 522.00 US cents/bushel. In Kansas City, September HRW wheat was down slightly by 0.50 US cents at 482.75 US cents/bushel. In Minneapolis, spring wheat was under significant pressure and lost between 5.75 and 7.00 US cents per contract.
There was a lack of further impetus from the fundamental side, as the USDA export report will not be published until Friday due to the holiday on Monday. The harvest dynamics for spring wheat are almost on target and are slightly above average with 72% of the area harvested.
This means that market activity will continue to be determined by technical releases and weather developments. According to NOAA, there could be up to 50 liters of rain in the Southern Plains growing areas in the coming week. Traders expect pressure to persist in the short term as long as there is no new bullish impetus from the export business or weaker condition assessments.
On Euronext, however, December gained 0.25 € to 190.25 €/t.
