On Friday, the USDA reported on an assessment of the area of cereals for the 2019 harvest. and about quarterly reserves. The area of sowing of all wheat was the lowest in 100 years, but this was not a surprise for the market, experts, approximately, expected so much. Also, the volume of wheat stocks as of June 1 was 1.072 billion bushels. So the USDA data for US wheat was perceived by the exchanges neutral.
But everyone was surprised by the assessment of corn sowing, which, despite the problems with the weather, blocked last year’s figures. This surprise, combined with the improvement of weather in the wheat belt of the United States, was the reason for the weakening of all US grain areas.
July winter US wheat prices fell:
soft wheat SRW in Chicago at $ 7.17 to $ 194.00 / tonHRW hard wheat in Kansas City at $ 6.06 to $ 165.89 / tonDurum wheat HRS in Minneapolis rose $ 1.01 to $ 203.65 / ton