On the US stock exchanges, SWR wheat in Chicago rose by 0.50 US cents to 515.00 US cents/bushel in September. HRW wheat in Kansas City gained 0.75 US cents to 519.00 US cents/bushel in the same month. Spring Wheat in Minneapolis also trended slightly firmer in September, while the December contract slipped 2.50 US cents.
USDA data showed a nearly completed winter wheat crop with 90 percent progress, only slightly below average. The spring wheat crop is well behind the usual 22 percent pace at 16 percent. At 49 percent "good/excellent", the condition report signaled a 1 percentage point better rating, which weighed slightly on prices.
The export sector provided a clear slowdown signal: with 365,486 tons exported in the week ending 7 August, volumes were almost 47% below the previous week and around 45% below the previous year's figure. The main buyers were Mexico, Vietnam and Nigeria.
Ahead of the USDA production report, analysts expect a US crop of 1.922 billion bushels, slightly below the July forecast, and lower new crop stocks. Internationally, the Ukrainian analyst firm APK-Inform lowered its harvest estimate by 0.9 million tons to 19.7 million tons.
On Euronext, wheat fell €1.75 for September and closed at €194.75 per tonne.
