CBOT Wheat Follows Corn Lower; Frigid Temps Threaten Barren W Plains: CBOT wheat futures ended 11-15 cents lower on plunging corn/soy values. ARC estimates that managed funds were long a net 25,000 contracts in Chicago on Tuesday’s close vs. 19,000 the previous week. It has clearly been a risk-off trade in recent days. The US…
The major exporter wheat balance sheet included minor revisions, with stocks/use still pegged at 14.8%, vs. 15.1% a year ago and the lowest since 2007/08. Russian supply & demand was not adjusted as far too much uncertainty exists over the coming export taxes exists. The highlight of the USDA’s world wheat balance sheet was a…
Wheat Rallies Sharply on Global Cold Weather Concern: US/world wheat futures ended higher on Monday as bitterly cold temps lie ahead for key areas of the US HRW Belt as well as SE Russia. Snow cover is absent from W KS, E CO and W OK. Temps in KS look to drop into the single…
Wheat Ends Higher; July KC Nears Parity with CBOT on Probable Boost in Feed Consumption: US wheat futures ended higher amid firming interior basis levels. The US market has generally shrugged off this week’s elevated Russian farmer selling as focus shifts to the US balance sheet. Recall US end stocks fall to or below 700…
Wheat Ends Weak as Russian Tax Uncertainty Plagues World Market: US wheat futures ended 4-13 cents lower with KC’s discount to Chicago continuing to narrow. Russia has proposed changing its tax program to one that floats against a reference price beginning June 1. The €50/MT levy in Mar-May holds, but there’s massive uncertainty over how…
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