CBOT Wheat Ends Firm; Market Skeptical of Coming Russian Precip: CBOT wheat futures ended slightly higher on rising world cash prices and as Russian drought will persist for another 7 days. Extended range guidance is wetter, but confidence is low. EU and Black Sea fob offers rallied to new seasonal highs on Monday. Australian wheat…
The wheat market must also contend with the arrival of the third largest Australian crop on record. This supply will be available to world marketplace in December. Old crop exporter supply and demand is also not overly bullish when taken at face value. 2020 Ukrainian production was lowered 1.5 MMTs. Argentina’s crop was lowered 0.5…
US Wheat Futures Correct on Profit Taking; WASDE Update to Lean Bearish: US and world wheat futures ended weaker. ARC previously mentioned that elevated price volatility can be counted on. Fund profit taking occurred today, but severe drought will be ongoing in Eastern Ukraine and Southern Russia. The US Plains forecast remains arid into October…
World Wheat Markets Continue to Digest Potential Russian Crop Shortfall: US and world wheat futures continue higher, with spot CBOT finding fresh 7-year highs. A close above $6.00 has been the catalyst for major rallies over the last decade and price action could technical in nature moving forward. Otherwise, the story is the same: severe…
CBOT Wheat Hits 5-Year High; World Cash Prices Above Last Season’s Peak: US and world wheat futures continue to add premium as a shift to wetter weather is unlikely across the Black Sea and US Plains into mid-month. KC has led the advance and will continue to do so unless/until needed precip arrives. Interior Russian…
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