CBOT Wheat Recovers Early Day Losses; Market Focused on Domestic Feed Demand: US wheat futures ended firm and well above overnight lows. Errant news suggesting Russia’s export tax scheme would be eliminated was unfounded. There does remain elevated uncertainty over Russian government policy moving forward, but ARC’s sources strongly suggest that nothing will change until…
CBOT Wheat Ends Firm on Corn Rally; Strong Summer Feed Use Anticipated: US wheat futures ended higher on Monday amid limited market-specific news. Yet, firm interior basis underpins futures. Concern over ice sheets in pockets of Southern Russia – and the need for above-trend Hemisphere yields – offer support on wheat futures breaks. Spring growing…
CBOT Wheat Sheds Additional Premium as European Market Leaks Lower: US futures ended slightly weaker again as support from world futures and cash market remains absent. Egypt’s tender results on Thursday revealed that Russian exporters become sellers above $290/MT, which compares to current EU/US fob offers of $275-285. Saudi Arabia has yet to seek spring…
CBOT Wheat Extends Correction on Weak Global Cash Market: US wheat futures fell another 7-12 cents, led by July KC amid coming Plains precip. Heavy rain/snow will act to boost crop ratings into late March/early April – prior the arrival of heat. ARC expects drought expansion to resume thereafter, but short-term extraction of weather premium…
CBOT Wheat Follows Corn to Modest Loss; Break Entices Egyptian Demand: CBOT wheat futures were dragged lower by plunging corn/soy markets. Moisture accumulations of 1-3” is forecast across CO, KS and NE this weekend. Such precip will act to ease abnormal dryness/drought that has been building for months. Seasonal forecasts maintain drought expansion longer term…
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