Wheat Shrugs Off Black Sea Corridor Optimism; Extends Recovery on Continued Threats to North American Milling Supplies: Wheat futures ended sharply higher as money flows into the market globally amid threatening weather. ARC detailed in this evening’s wire that there’s a growing risk of major yield loss in Canada, which along with weak US spring…
Wheat Ends Firm; Minneapolis Paces Recovery on Concerning Canadian Weather: Wheat futures ended worldwide as two-week forecasts in Canada stay arid as India’s talk of banning rice exports suggests grain stocks are not abundant globally. ARC maintains that exporter production is likely to be trimmed another 2-4 MMTs. Recall USDA nearly every year understates global…
Argentine & Canadian production were each lowered 2 MMTs. European production was lowered 2.5 MMTs to 138 MMTs and is now projected to be just 3.7 MMTs above last year’s crop. Total exporter wheat consumption was cut by 2 MMTs and exporter stocks/use was lowered considerably – and is now estimated to but just slightly…
Wheat Recovers on Black Sea Tension, Expanding Canadian Drought; Algeria Tenders: Wheat futures ended higher in both the US and Europe as tensions rise in the Black Sea and as weather forecasts in Canada fail to improve. A Russian drone attack on Odesa is noteworthy and odds remain low that the Black Sea export corridor…
Wheat Ends Mostly Weaker on Expanding Northern Hemisphere Harvest; Early Bottom Probable if Yields Fail to Improve: US wheat futures on Monday ended mixed, with KC & Chicago contracts ended slightly lower and spring wheat futures steady to higher. Yields in W Europe and S Russia have been disappointing so far, and while a vast…
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