US Wheat Shrugs off Weakness in World Market: US wheat futures ended 2-6 cents higher, led by KC. Like corn and soy, interior basis is rising and will continue to rally seasonally into June. The extent of this rally will be determined by Apr-May weather, but amid coming US stocks contraction further improvement in cash…
CBOT Wheat Ends Lower on Corn, Soy Profit-Taking; Egypt Tender Validates Lofty World Prices: US wheat futures ended weak but above session lows. Egypt’s GASC Tuesday AM secured a sizable 480,000 MTs of Russian, Ukrainian, Romanian, and French origins. GASC paid an average fob price of $294/MT. This defines fair value in the world marketplace…
CBOT Wheat Follows EU Market Lower; Egypt Returns for Spring Supply: US & European wheat futures ended sharply lower on Monday. The global nature of the break keeps the US Gulf market from buying non-traditional demand – for now. Importantly, Egypt’s GASC has returned to the market for optional origin supply. GASC’s coming purchase will…
CBOT Wheat Reverses Thursday’s Loss; Seasonal Trend Positive into March: US wheat futures ended sharply higher amid rising corn price targets. The rally in global fob offers has paused, but ARC’s work suggests that the European market will lead world values higher into spring. Following sizable production loss and better than expected Jul-Jan exports, and…
CBOT Wheat Ends Lower Again; Rally in Global Cash Market Pauses: US wheat futures fell 9-15 cents amid a lack of bullish guidance from neighboring row crop markets or global wheat fob prices. The Black Sea cash wheat market remains mostly nonexistent, but EU fob prices have settled on fair value at $290-293/MT for Mar-April…
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