CBOT Wheat Trades Through 200-Day Moving Average; Russian Prices Jump: US and world wheat prices ended higher on Thursday. In the US, solid export sales through the week ending August 20th are noted. Elsewhere, Russian cash prices rallied $5/MT. Argentine crop ratings fell to 18% GD/EX, vs. 20% the previous week and 46% a year…
CBOT Wheat End Higher, Again Testing Major Chart Resistance: CBOT wheat futures ended higher amid limited fresh input with Dec again testing its 200-day moving average at $5.42. It’s important for the market to find continued buying through the balance of the week. If not, ARC’s concern is that a substantial downtrend develops into autumn…
CBOT Wheat Rallies;Premium to Corn Weakens Slightly: US wheat futures ended 7-9 cents higher led by higher protein contracts in KC and Minneapolis. EU and Black Sea futures also rallied but to a much lesser degree. CBOT wheat’s premium to corn traded wildly through the session but ended down 1.25 cents. Dec CBOT wheat’s premium…
CBOT Wheat Stalls at Resistance; Southern Hemisphere Production Boost Intact: CBOT wheat futures ended weaker after FAS again failed to confirm Chinese demand for US supply. Global production threats are absent. Aussie vegetation health compared to last year is attached. Notice the incredible boost in crop health across Eastern Australia. Needed rainfall will impact 50%…
CBOT Wheat Rallies Sharply into Close: CBOT wheat futures ended 5-8 cents higher, with KC contracts in tow. FAS failed to confirm recent rumors of Chinese buying but a surge in European milling wheat futures offered support. Reduced production in Western Europe and slowed farmer selling ahead of September’s expiration has triggered short covering there.…
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