After the price gain on Tuesday, the US wheat complex went back on the defensive in the middle of the week. In Chicago, SWR wheat was under pressure with a drop of 5.75 US cents for December and closed at 528.25 US cents/bushel. March lost 5.50 US cents to close at 546.25 US cents/bushel. HRW wheat in Kansas City was also weaker, with the December contract dropping 7.25 US cents to close at 516.25 US cents/bushel, while March lost 7 US cents. Spring wheat in Minneapolis closed slightly weaker with losses of 2 to 3 US cents.
Ahead of the USDA export report expected on Thursday, in which analysts expect exports of between 300,000 and 650,000 tons, many market participants held back. Profit-taking after the start of the week also had a negative impact.
Internationally, new figures from Canada caused some movement: Statistics Canada raised nationwide wheat production to 36.62 million tons, an increase of 1.9% compared to the previous year and well above the August forecast of 35.55 million tons. France reports slightly lower stocks and higher exports outside the EU. As a result, December rose €1.00 to €192.25/t on Euronext.
