Wheat Follows Corn Lower; Expanding EU Harvest Weighs on Paris Futures: Wheat futures worldwide ended weak as CBOT corn extracts weather premium, the European harvest expands rapidly in the next 10 days and as solid US SRW yields are being reported from the S Midwest/mid-South. Additionally, the market lacks bullish enthusiasm as Russian fob offers…
Wheat Ends Mixed; Sep KC-CBOT Spread Reaches $1.85/Bu: Wheat futures ended mixed, with CBOT contracts down sharply and contracts elsewhere ending near unchanged. It’s the high protein market that’s most at risk of extreme supply tightness and another 10 days of near complete dryness are forecast across key parts of the Canadian Prairies. Soaking rain…
Wheat Market Soars on Addition of Supply Risk Premium; Weather Issues Abound: Wheat futures in the US rallied 20-40 cents, with spot Paris milling wheat rising $.15/Bu. Concern/uncertainty over the safety of the Zaporizhzhia nuclear plant in Ukraine is noted, but more fundamental is the risk of further reductions to world exporter production and stocks.…
Assuming NASS winter wheat yield data in June and trend HRS yield, SRW and HRS stocks/use will be building slightly, while HRW stocks/use collapses to just 22%. Note that NASS acreage data implies an HRW crop of 505 Mil Bu, vs. 531 Mil last year, and SRW crop of 395 Mil, vs. 337 last year,…
Wheat Ends Mixed; Spring Wheat Recovers on Return of Canadian Dryness: Wheat futures ended mixed and generally lacked conviction in another mediocre-volume session. Combine results from the US and Europe are awaited, though additional rain in KS, NE and CO will keep HRW harvesting sluggish compared to normal. Close attention must be paid to Canada…
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