Black Sea Cash Market Weakens Despite Ongoing Drought; Final 2020 US Production Due Wednesday: US wheat futures ended weaker as Russian fob offers continue to drift lower. Also notice in the attached graphic that Gulf wheat is offered at a substantial premium to all competing origins. US HRW is quoted a full $15-20/MT ($.40-.55/Bu) above…
Wheat Leads Grain Rally; Focus Centered on Russian Weather: US wheat futures ended moderately higher as the Russian weather forecasts fails to offer a needed shift to wetter weather into the first half of October. Global weather patterns appear to be stuck, and this implies dryness will also linger across the US Plains, Western Australia…
US Wheat Market Continues to Extract Premium; Russian Weather Becomes Critical in Early October: US wheat futures ended weak. Wheat-specific input is lacking but massive US premiums to other origins leave room for fund liquidation without fresh bullish input. EU futures ended firm, but Gulf HRW’s premium to comparable EU & Black Sea origin remains…
US Wheat Markets Ends Firm; Premiums to Other Origins Widen: US wheat futures steady to 2 cents higher on limited fresh news. US weekly export sales totaled 13 Mil Bu vs. 12 Mil the previous week. The attached graphic shows that cumulative sales (495 Mil Bu) are right in line with the USDA’s forecast, and…
CBOT Wheat Extracts Premium Despite Reduced Argentine Crop Estimate: US and world wheat futures ended lower as rainfall will expand into the Black Sea over the next two weeks. The GFS model features widespread precip in Ukraine and well as totals of .50-2.00” across the Central Region of Russia. Yet, soaking rains are absent for…
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