The US wheat markets were bullish in the middle of the week. In all three exchange segments - Chicago, Kansas City and Minneapolis - futures recorded strong gains in the middle of the week. On the CBoT, July rose by 18.75 US cents to 556.00 US cents/bushel. In Kansas City, the September contract rose by 11 US cents. There were also noticeable increases on the market for spring wheat in Minneapolis: The July contract closed at 631.75 US cents/bushel and the September contract at 649.00 US cents/bushel - both around 20 US cents higher.
A trade agreement between the USA and Vietnam was announced during the course of the day. According to the agreement, tariffs will no longer be levied on US goods in future. This provided additional impetus, as Vietnam currently accounts for around three percent of total US wheat export commitments for 2024/25. Market participants are eagerly awaiting the weekly USDA export report, which has been announced for today, Thursday. Analysts are forecasting export sales of between 200,000 and 600,000 tons.
The news also pleased traders on Euronext and wheat for September rose by €1.25 to €195.75/t.
