KC, CBT Wheat Rally to Newer Contract Highs; EU Market Ends Weaker Amid Likely Algerian Snub: World wheat futures ended mixed, with US winter wheat contracts higher while EU and Black Sea futures ended slightly weaker. ARC’s work suggests that price action in the very term will hinge upon whether Russian farmers opt to elevated…
Wheat Ends Firm; No Sign of Elevated Russian Farmer Selling Yet: World wheat futures ended firm, with newer contract highs scored in Europe and the US. Iraq is seeking a sizable 500,000 MTs of optional origin supply for late 2021/early 2022 delivery. There is still no clear evidence that importer demand is slowing at elevated…
Wheat Markets Try to Ration Demand;Eying Rainfall in Australia: World wheat futures ended higher. Brazil’s approval of Argentine GMO flour imports did nothing to allay fears of future Argentine cargo rejections. Rather quickly Brazil’s Wheat Association is aiming to involve federal legislators to reverse the decision. Global cash prices continue to follow futures higher. There…
Global Wheat Futures Reach New Highs on Russian Export Slowdown Talk: KC, CBT, EU, and Black Sea wheat futures rallied to new high settlements on Wednesday. Wheat is retaining its bullish leadership role following the USDA’s Nov WASDE. Supply concerns are being exacerbated by talk of Russian export quotas in early 2022. This triggers extreme…
ARC also notes that WASDE cut 21/22 US HRW stocks to 299 Mil Bu, down 12 Mil from Oct and a fresh 7-year low. Even assuming seeding expansion of 200-300,000 acres and trend yield, 22/23 HRW stocks fall to 180-200 Mil Bu. KC futures gain on other classes longer term. The major exporter wheat balance…
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