US Wheat Futures End Mixed; Intermediate Bottom Forming: Spring wheat futures ended slightly higher; KC/CBOT contracts ended slightly weaker. The recharging of Plains soil moisture weighed has weighted on US futures. May KC settled at a $.28/Bu premium to CBOT corn. Such a premium is historically low. On feed nutrition basis, KC wheat is valued…
Wheat Pulled Lower by Sinking Row Crops, Lack of Near-Term Weather Threats: KC futures led Thursday’s break in wheat as drought conditions ease across the Southern and Central Plains and amid the lack of any demand spark. The graphic below shows 60-day % of normal rainfall ending March 31 and assumes the EU model’s short-term…
CBOT Wheat Extends Correction on Slowing World Trade: US wheat futures ended weak amid a lack of market-specific demand as widespread precip returns to the Eastern Plains/Midwest next week. Soil moisture will be fully recharged across the primary SRW and the Eastern HRW belts. Weather premium in wheat prices has been shed following recent a…
CBOT Wheat Recovers Early Day Losses; Market Focused on Domestic Feed Demand: US wheat futures ended firm and well above overnight lows. Errant news suggesting Russia’s export tax scheme would be eliminated was unfounded. There does remain elevated uncertainty over Russian government policy moving forward, but ARC’s sources strongly suggest that nothing will change until…
CBOT Wheat Ends Firm on Corn Rally; Strong Summer Feed Use Anticipated: US wheat futures ended higher on Monday amid limited market-specific news. Yet, firm interior basis underpins futures. Concern over ice sheets in pockets of Southern Russia – and the need for above-trend Hemisphere yields – offer support on wheat futures breaks. Spring growing…
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