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…
USDA lowered 20/21 US wheat end stocks to 836 Mil Bu, vs. 862 Mil in Dec. ARC expects a further contraction as export demand improves beginning in spring. Gulf wheat is competitive with European origin on a fob basis and it’s the goal of the European market to shift demand elsewhere amid tightening stocks and…
World Cash Market Continues Rally; EU Market Leading: US wheat futures ended slightly weaker while Non-US markets closed firm. The Russian interior wheat market is opaque and clarity is not expected until the second half of January. However, EU wheat futures and cash prices continue to lead global fob offers higher as the market there…
Lack of Wheat News Allows for Profit Taking; World Cash Market Firms: CBOT wheat futures ended slightly weaker amid a real lack of fresh input. Black Sea market participants remain on holiday, and so uncertainty over exactly where the Russian fob market is continues. Managed funds on Tuesday were net long 25,000 contracts in Chicago…
World Wheat Correction; Fresh Input Lacking: World wheat futures and cash markets ended slightly weaker on Thursday. The US dollar rallied modestly and has so far held support at 89. This weighed on global cash prices when valued in USD. The Buenos Aires Grain Exchange lifted its Argentine wheat production forecast to 17 MMTs, vs.…
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