US spring wheat harvest lags behind last year's pace

Wheat went south for the second straight day of trading yesterday. The most traded December date closed the second trading day of the week with a loss of 4 euros at 236.25 euros/t. Quotations are also reduced on the spot markets. Extensive trade, however, still hardly takes place. Producers are busy fulfilling existing contracts and have trouble sorting out the qualities locally. In addition, concentrated feed plants are still only active sporadically, especially in eastern and southern Germany there are also some quantities from Poland and the Czech Republic on offer. As it became known yesterday, the meeting between Erdogan and Putin will take place on September 4 in Russia. As has been speculated before, the meeting of the presidents will primarily deal with Ukrainian grain exports. However, no signals can be felt from Russia that fuel hopes of a return to the previous agreement. In Canada, according to estimates by the local statistics authority, the wheat harvest is expected to be 29.47 million tons this year, which would mean a decrease of 14 percent compared to the previous year. Market observers had previously expected production of around 30.4 million tons.The US spring wheat harvest is 54 percent in, the winter wheat harvest has been declared complete. The pace of the spring wheat harvest is well behind that of the previous year. After losses on the CBoT yesterday, the contracts in Chicago are showing slight premarket gains today.

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