The need for trend/above trend world wheat yield is best explained by rising global consumption. 2020/21 Chinese wheat feed use was raised another 5 MMTs to a record 40 MMTs amid wheat’s discount to corn. Chinese wheat feed consumption has been lifted 10 MMTs since February – a record. The USDA estimates global wheat consumption…
Wheat Extends Recovery on Soaring Corn Market; No Sign of Rain in N Plains/ Canadian Prairies: World wheat futures ended sharply higher, with spot MGE still leading as the drought worsens across the N American spring wheat belt. Aggressive new crop Black Sea fob offers are noted, but markets still must contend with record old…
US Wheat Ends Higher; MGE Trades at Premium to CBOT on Weather Concerns: US wheat futures ended higher, with spot MGE pacing the rally as drought intensifies across ND and the Canadian Prairies. The graphic below displays 60-day % of normal, with the primary Canadian spring wheat belt highlighted. Little/no precip is offered to N…
US Wheat Ends Mostly Weaker; Black Sea Exporters Win Egypt Business: CBOT & KC futures ended weaker amid confirmation of aggressive Black Sea new crop fob offers. Spring wheat ended higher as concern over drought across ND/Southern Canada begins to be noticed. ARC detailed on Monday that even assuming trend yield, the US spring wheat…
US Wheat Ends Steady/Higher on SRW Sale; Adverse Dryness Returns to Plains: US wheat futures ended firm following this AM’s 130,000 MT sale of SRW to unknown destinations (likely China). NASS’s first winter wheat crop rating of 53% was right at trade expectations and does not assure trend/above-trend yields. Egypt’s first new crop tender will…
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