Wheat Falls on Profit Taking; Eroding US Basis Levels: CBOT wheat futures ended 7-7.5 cents lower. Funds are long an estimated 22,000 contracts. ARC has detailed at length how US Gulf wheat is not competitive in the world market, which is acting to measurably slow SRW export demand. Interior basis also continues to weaken, with…
Wheat Ends Firm; Northern Hemisphere Cash Market Rally Continues: CBOT wheat futures ended higher. Fresh news is lacking but EU and Black Sea cash values continue to rally amid recent and upcoming tender releases from a host a major importing countries. Spot Russian fob is quoted at $226/MT vs. $225. However, US Gulf HRW is…
Major exporter production was raised a net 4.2 MMTs to 388 MMTs. Production was lifted in Australia, Canada and Europe. This was only partially offset by downgrades in Argentina and Ukraine. Russian production was left unchanged, but USDA is expected to eventually raise Russian production 2-4 MMTs to 80-82 MMTs. There will be no shortage…
CBOT Wheat Ends Firm but Off Highs; World Market Continues Rally on Flood of Importer Interest: US wheat futures ended steady to higher as EU and Black Sea fob quotes continue to rise. Roughly 2 MMTs of wheat will be purchased via tenders by major importing countries in the next three working days. Much of…
CBOT Unable to Follow World Markets Higher: US wheat futures ended mixed. EU and Black Sea cash market ended higher. Export demand is being found in Russia, Ukraine and the Baltic regions, and exporters are having to originate supply farther away from export terminals – where surpluses exist. This has kept the world cash market…
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