Wheat prices closed the trading week with losses. In Chicago, prices for SWR wheat fell by 3.25 US cents to 538.25 US cents/bushel for September on Friday. HRW futures in Kansas also fell 2 US cents. Spring-Wheat fell 0.75 US cents for September to 585.75 US cents/bushel, which was only a slight loss but contributed to an overall drop of over 10 US cents for the week.
On the demand side, the USDA reported wheat export sales of 8.984 million tons so far, which is 39% of the annual forecast - slightly above the usual seasonal average of 37%. Internationally, a major purchase by South Korea attracted attention: an importer bought 85,200 tons of US wheat. Despite these supportive statements, traders reacted with uncertainty before the weekend with regard to the tariff negotiations between the USA and the EU. It was announced at the weekend that an agreement had been reached. Instead of the announced 30%, the reciprocal tariffs on US imports are now 15%. Exact details are eagerly awaited, but an escalation of the conflict is therefore off the ice for the time being.
According to FranceAgriMer, the winter wheat harvest in France is 86% complete - a significant improvement on the previous week's 71%. This caused some disgruntlement in Europe. Prices on Euronext closed the weekend in the red. September lost €1.50 to €195.50 per tonne.
