Wheat Market Sees Decline as Profit-Taking Takes Hold
The wheat market has seen significant fluctuations in recent weeks, with US exchanges experiencing a decline of 2.8-5.8% on Friday, September 4. This comes after a period of active growth due to hopes for a truce and the resumption of exports from the Black Sea region.
US wheat futures saw a decrease for the week, with prices falling by 5.7% to $263.1/t for soft winter SRW wheat in Chicago, and by 4.2% to $289.1/t for durum HRW wheat in Kansas City.
In contrast, soft wheat futures on Euronext in Paris rose 1.7% to €241/t or $280/t. December futures for American wheat are traded $7-8/t more expensive than September futures, and for European wheat - €8.25/t more expensive.
Wheat export sales from the USA for the 2026/27 MY as of September 3 amount to 8.66 million tons, which is 31% lower than the corresponding figure last year. This indicates a decrease in demand, even despite the suspension of exports from Ukraine and the Russian Federation.
Saudi Arabia has canceled an international tender to purchase 535,000 tons of durum wheat due to excessively high bid prices. In Ukraine, export demand for wheat remains subdued, with traders only interested in food wheat, while demand for feed wheat is practically non-existent.