On the US stock exchanges, the weak trend in the wheat complex continued in the middle of the week. In Chicago, September SWR wheat was down 5.75 US cents and closed at 495.00 US cents/bushel. The December contract was down 5.25 US cents and fell to 515.00 US cents/bushel. In Kansas City, HRW wheat for September was down 1.75 US cents to 485.75 US cents/bushel. Contracts in Minneapolis for spring wheat were even weaker and slipped by up to 8 US cents.
New weekly US export figures are expected today, Thursday. Analysts are forecasting export sales of between 300,000 and 650,000 tons for the week ending September 4. The pace of exports had slowed in the previous week. In addition, the markets are turning their attention to the upcoming WASDE report on Friday. Traders expect only minor adjustments. US ending stocks for 2025/26 are expected at 865 million bushels, 4 million below the previous month's estimate. The harvest forecast remains unchanged for the time being and is not expected to be adjusted until the end of September.
Internationally, Russia is once again exerting pressure: the analysis company Sovecon raised its forecast for the Russian wheat harvest this week by a further 1.1 million tons to 87.2 million tons.
The news had no major impact on wheat on Euronext. Here, December closed unchanged at €188.75 per tonne.
