CBOT Wheat Ends Weak on Firm Dollar; Aggressive Sale to Algeria: US wheat futures ended weaker amid active hedging against rising corn/soy markets and as Algeria was able to purchase 500,000+ MTs at prices discounted to prior fob quotes. A firm dollar and weaker currencies elsewhere worked to keep USD-based global fob prices unchanged. Funds…
Global Wheat Futures Soar on Confirmation of Russian Tax, Limited Decline in Russian Domestic Market: March CBOT wheat has recouped the entirety of Friday’s collapse in just 2 trading sessions, with no indication that EU or Black Sea cash markets have found a top. ARC has detailed that EU wheat futures and cash markets must…
Global Wheat Futures End Higher; Russian Market Opaque: CBOT wheat futures rallied 8-15 cents, with Paris milling wheat contracts rising similarly. There is no indication that Russia’s interior market is weakening – a major goal of the government there – but there still is no official policy on export taxes for Feb onward. As such,…
US Follows Row Crops to Sizable Losses; CBOT Fund Length Liquidated: World wheat futures ended sharply lower to close out the week. Selling has been a function of Russia not outright capping exports. Russian exporters also were quick to sell to Turkey’s TMO, with delivery dates scheduled prior to Feb 15 to avoid the looming…
US Wheat Falters as Russian Government opts Against Tonnage Restrictions; World Prices to Stay Elevated: World wheat futures ended moderately weaker on Thursday as it appears Russia will not move to outright cap exports just yet. Indications are a €25/MT tax on exports beginning February 15th with the tax rising to €50/MT on March 15.…
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