Higher US wheat production

The positive start to the week for wheat did not continue yesterday. The front month of September on the Euronext/Matif closed with a loss of 4.50 euros/t at 227.25 euros/t. In particular, the figures from the USDA's WASDE report published in the evening pulled the grain markets down overall. From a global perspective, the estimates for production, consumption and ending stocks have changed to a limited extent, but the analysts at the US Department of Agriculture expect a higher winter wheat harvest, especially in the USA, due to the larger acreage. Around 2 million tons more are to be taken from the fields in the United States compared to the June estimate. For Europe, the USDA lowered its forecast. Instead of 140.50 million tons, European wheat production is now expected to be 138.00 million tons. No changes were made in the July WASDE for Russia (85 million tons) and Ukraine (17.5 million tons). However, Russia is believed to have a slightly higher export potential. In France, the Ministry of Agriculture expects a soft wheat harvest of 35 million tons this year, which is around 3.9 percent more than in the previous year and 1.8 percent more than the average of the last five years.Durum wheat production will be lower in return. There are few movements and transactions on the local cash markets, wholesale prices tended to be somewhat weaker yesterday for both wheat and barley. Premarket losses on the CBoT continue this morning. All dates are currently trading around 1.4 percent lower compared to the closing price of yesterday evening.

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