US Wheat Futures Rally Sharply on Rumored Chinese Interest: US wheat futures 6-14 cents higher, led by March KC. ARC commercial sources suggest that China is showing interest for US white and HRW. The attached graphic shows the recent surge in white wheat basis in the PNW. White wheat supplies were to be overabundant, but…
US Wheat Futures Continue Correction; World Cash Market Unchanged: US wheat futures continue to reel from larger Australian supplies and the probability that Russian exports will be near record large in 2020/21. Interior HRW and SRW basis has been weakening in recent days, which has aided the bears during the Dec delivery period. Wheat lacks…
US Wheat Futures End Weak on Bearish Fundamental Input, Stronger US Dollar: US wheat futures ended sharply lower as fresh input was negative. ABARES confirmed that Aussie wheat production this year will exceed 30 MMTs for only the second time on record. Russia’s Ag Ministry has proposed expanding its mid-February to June grain export quota…
US Wheat Futures Plunge on December Notice Day Positioning: CBOT wheat futures settled 17-24 cents lower led by December. SRW basis in Toledo has been unmoved since mid-autumn at $.20 under. HRW basis across the Plains remains decently negative. Deliveries against expiring Dec are possible and deliveries will be phenomenon unique to wheat moving forward.…
US Wheat Futures Rally Sharply on Spread Unwinding, Weak US Dollar: CBOT wheat futures ended 8-13 cents higher with March trading through its 20-day moving average. Tuesday’s rally was in part due to corn/wheat and soy/wheat spread unwinding, but also as stronger exporter currencies are working to raise fob prices. Wheat’s chart action indicates that…
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