CBOT Wheat Ends Weaker on Global Profit Taking: CBOT wheat futures ended 5-9 cents lower. Like corn, markets in the US and Europe are overbought and the rally has stalled amid a lack of fresh news. Algeria purchased optional origin milling wheat at $312-314, including costs and freight. This appears aggressive relative to prior EU…
CBOT Wheat Ends Steady as Russian Export Tax Goes Unsigned; World Market Continues to Add Premium: US & world wheat futures ended steady but $.10-.18/Bu below session highs. A sizable tax on Russian exports remains imminent but nothing has been signed into law. The Russian government continues to sort out what would most effectively reduce…
World Wheat Ends Firm; Russian Export Tax Imminent: US & European wheat futures ended higher, though there was a clear “sell the fact” mentality in Chicago. Russia’s $1.65/Bu tax for shipments beyond March 15 is not yet law but there are strong indications that it will be enacted next week. Barring massive Russian farmer sales…
US Wheat Finds Fresh Multiyear High Settlement on European Strength/Russian Fears: US wheat futures ended sharply higher amid fear that Russia’s export tax may linger into the September and that the burden of the tax in the near-term will lie with the exporter. ARC reiterates that if the Russian farmer does not boost sales significantly,…
US Wheat Ends Mixed; Discount to European Origin Widening: CBOT wheat ended 5-6 cents lower while KC futures ended steady. Note that July KC’s discount to CBOT has narrowed to just $ .17/Bu, which compares to $.40 in late October. Massive political policy uncertainty is plaguing price determination in the Black Sea. The EU market…
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