Wheat: Harvest pressure is noticeable

Wheat went south in trading yesterday. The front month of September closed with a drop of 2.75 euros/t at 229.25 euros/t. Wheat contracts also went south on the CBoT. On both sides of the Atlantic, the beginning of harvest pressure is cited as the reason for yesterday's setback. In France, farmers had already brought in around 10% of their stocks by last weekend and, according to observers, the harvest is also making good progress in the southern parts of Russia. In the USA itself, the harvest is faltering compared to other years, but here too 46 percent of the winter wheat stocks have already been removed from the fields. The USDA's weekly stock assessments rated 40 percent of winter wheat stocks as good or very good, with spring wheat corrected down to 47 percent in the top two categories. Market participants are looking forward to tomorrow's WASDE with excitement. However, the majority of traders do not expect any significant changes in the forecast for the current harvest and the new financial year. Pre-market, wheat is gaining on the CBoT today and the Matif is also showing positive tendencies at the start of today's trading session.

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