More important were the USDA’s adjustments to global supply & demand. Total world wheat end stocks were lowered for the first time since July. Major exporter wheat stocks/use was reduced to 15.1% vs. 15.6% in November and 15.4% in 2019/20. The USDA followed Stats Can and ABARES in raising Canadian and Aussie production. Final Russian…
CBOT Wheat Reverses on Rumored Chinese Interest, Concern Over Food Inflation in Russia: CBOT wheat futures rallied 8-14 cents with March nearing level money with July. Confirmed Chinese demand remains elusive, but ARC commercial contracts suggests that Hong Kong showing strong interest for US spring wheat. Northern Hemisphere cash markets remain firm. US & Russian…
CBOT Wheat Ends Weak; Falling Aussie Market Weighs: CBOT wheat futures ended 8 cents lower on Tuesday. World fob offers were steady to down $2/MT with the Black Sea steady. Futures/cash prices in Australia continue to erode – despite a strong currency – as exporters there aim for markets previously dominated by Russia. Spot wheat…
CBOT Wheat Manages Higher Close; EU, Black Sea Interior Markets Stay Stout: CBOT recovered in tandem with corn. Wheat-specific fundamental news is lacking as many in the EU/Black Sea cash trade look towards an extended holiday period. Yet, breaks continue to find support as interior markets in Russia and W Europe are firm. The attached…
US Wheat Futures End Lower; Fresh News Lacking: CBOT wheat futures ended 7-8 cents lower. Wheat-specific news was lacking. Fundamentally, US Gulf HRW is competitive with EU/Black Sea origins on a fob basis – which is supportive. Yet, rallies will act to slow future export demand amid ample exportable supplies. There’s no evidence to suggest…
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