US Wheat Futures End Sharply Lower on the Better Rain for the US Plains & Southwest Russia: US wheat futures ended weaker on liquidation. The selling has been expected amid the signs of improved precip across the drier areas of the US and Black Sea. Recall managed fund length in Chicago was the largest since…
CBOT Wheat Resumes Uptrend; Egypt Purchases Supports Black Sea Market: US and world wheat futures ended higher on Friday. Fundamental input remains mostly bullish as arid conditions will persist in Ukraine and Southern Russia into Nov 1 and as Egypt’s snap tender result validates the recent surge in world cash markets. Egypt bought 165,000 MTs…
US Wheat Futures Correct Tepid US Export Sales, Wetter S Plains Forecast: US wheat followed the European market lower on Thursday. Unlike corn, US wheat demand is being slowed by high prices. Gulf HRW’s $20/MT premium to Russian origin will not attract incremental export demand. Cumulative US SRW sales of 47 Mil Bu are down…
CBOT Wheat Closes Mixed; World Cash Market Pauses: US wheat futures ended mixed. KC’s discount to CBOT continues to narrow amid concern over Plains and dryness and amid this year’s correction in HRW stocks. EU and Black Sea cash markets ended sharply higher. Even Australian wheat have rallied $13/MT (6%) this week. The Aussie market…
CBOT Wheat Rally Continues; World Cash Market Pauses: CBOT futures ended stronger following disappointing crop rating updates across the US Plains. Recall GD/EX in KS on Sunday was pegged at 31% vs. 55% in late Oct 2019. GD/EX in CO is just 18% vs. 59% in late Oct 2019. Sudan is working on financing up…
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