Wheat Ends Weak Following Correction in EU Market: US wheat futures ended slightly lower, being unable to join midday strength in corn & soy. Wheat lacks a compelling story due to the absence of Black Sea cash trading and as focus soon moves to Northern Hemisphere weather. Current prices are not attracting additional US/EU export…
Wheat Follows Row Crop Futures; Black Sea Export Uncertainty Weighs on Direction: US wheat futures alternate between breaks and rallies with fresh input lacking. Even final 20/21 Russian wheat export estimates exist in a wide range of 35-39 MMTs. The upper end of this range reflects a continuation of Russian exports into June. The lower…
SRW Leads Wheat Rally on Basis; World Cash Market Firm: US wheat futures ended sharply higher, while the European market’s rally is ongoing. Gulf HRW is offered $8-9/MT below comparable German origin on a fob basis for spring arrival. Amid the absence of Black Sea cash trade, this indicates that spot KC’s fair value lies…
KC Paces Wheat Decline Following Sizable Deliveries; Regional Plains Rainfall Due on the weekend: US wheat futures on Monday ended 6-11 cents lower, led by May KC. 1,288 contracts were posted for delivery against expiring March. This coincides with a modest weakening of HRW basis late last week. And the EU and GFS (and NOAA)…
Wheat Ends Sharply Lower Amid Lack of News; Low Volume Heightens Volatility: May CBOT wheat ended 16 cents lower on Friday. The lack of Black Sea cash market guidance continues, while air pockets should be expected above and below the marketplace. This is compounded by weak volume. Paris milling wheat futures ended just $.07/Bu lower.…
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