The world wheat market outlook is equally bullish as there is concern over the availability of exportable milling supplies. The USDA surprised the marketplace but lowering Russian production 12.5 MMTs to 72.5 MMTs. Russia’ 2021 harvest is projected 13 MMTs (15%) below last year. Canadian production was cut 7.5 MMTs to 24 MMTS, which reflects…
US Wheat Ends Weak on Profit Taking; Global Futures Continue Rally: US wheat futures ended $.02-.06 per bushel lower as charts stay perched near overbought levels. However, Paris milling wheat futures ended $.06 per bushel higher, with forward Black Sea contracts scoring new seasonal highs. Wheat will follow corn and beans as US yields are…
World Wheat Market Surges; Argentine Weather Concern Growing: US wheat futures ended 8-17 cents higher, led by Chicago futures. Spot Paris milling wheat futures rallied €5.75/MT. December Black Sea wheat rallied another $6/MT to $302 and Russian fob wheat offers to test $300 by early fall for the first time since 2012. The world has…
Wheat Maintains Bullish Leadership; Hi-Pro Paces Rally: US wheat futures recovered, while world markets stay firm as there’s no sign that exporter production is stabilizing. The attached graphic vegetation health compared to normal in Canada (top) and Central Russia & Kazakhstan (bottom). Major spring wheat producing areas are highlighted. Next week’s August WASDE is expected…
Wheat Maintains Bullish Leadership; Hi-Pro Paces Rally: US wheat futures recovered, while world markets stay firm as there’s no sign that exporter production is stabilizing. The attached graphic vegetation health compared to normal in Canada (top) and Central Russia & Kazakhstan (bottom). Major spring wheat producing areas are highlighted. Next week’s August WASDE is expected…
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