Wheat Ends Steady to Higher on Additional Chinese Buying: US and European wheat futures were firm on Friday on additional talk that China has been a large buyer of Australian supplies recently. Whether this business was done prior to the recent escalation in Aussie-Chinese political tension is unknown, but China’s rumored buying of French, Aussie…
CBT Wheat Hits Two-Week High; Chart Pattern Supportive: US and global wheat futures ended sharply higher amid ongoing record import demand. Pakistan secured 575,000 MTs of optional origin and will seek additional tonnages next week. Algeria has bought 300,000+ MTs of durum. Taiwan has purchased 50,000 MTs of US origin wheat. World wheat exporter shipments…
Wheat Soars on Russian Rumors; World Cash Market Outlook Stays Bullish: US futures rallied 15-16 cents, with Dec CBT/KC breaking through initial chart-based resistance. Additional buying is needed to confirm chart patterns have healed, but fundamental input remains bullish. Recall NASS’s final US production figure is expected to drop 40-50 million bushels. This loss will…
CBT Wheat Slides Through Chart Support; World Cash Market Stagnant: US wheat futures fell 8-11 cents. Fresh breaking news was absent. Dec CBT was unable to hold support at its 100-day moving average, with next chart-based support pegged at $6.80. The world cash market is not willing to break but nor is it willing to…
Wheat Futures End Weak on US Dollar Strength; Aussie Forecast Trends Wetter: US wheat futures ended 4-13 cents lower led by KC, with Paris milling wheat contracts following. Outside of macro market turmoil, wheat-specific news is lacking. ARC does note that the EU & GFS models agree that moderate to heavy rainfall will impact a…
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