Wheat Ends Lower on Rising Exporter Production: US wheat futures continue to reel from rising Russian, Australian and Canadian crop estimates. Even assuming another 2-3 MMTs cut to EU production, major exporter wheat production in the Aug or Sep WASDEs is likely to be raised 3-4 MMTs. Amid uncertain demand, the wheat market quickly has…
Wheat Market Stabilizes; Rallies to Struggle into Autumn: US wheat futures ended steady to slightly higher following massive fund selling in recent days. Egypt’s tender result suggested that Black Sea exporters weren’t overly aggressive but nor was the result bullish. Egypt secured 410,000 MTS of Russian/Ukrainian wheat at $213/MT, basis fob. A week ago, Egypt…
Wheat Resumes Bearish Seasonal Trend; Fear Over Supply Tightness Eroding: US wheat futures ended sharply lower again. ARC in recent days has detailed the favorable weather pattern shift occurring in Australia as well as the ongoing rise in Russia’s cumulative wheat yield. In the context of slow world trade due to Covid’s impact, a new…
Wheat Ends Sharply Lower on Flood of Bearish Input: US & world wheat markets ended weak on Monday. Ongoing improvement in yields across Russia’s Central Region and soaking rain for Australia will be elevating competition for world export demand. It’s unlikely that Black Sea cash prices can lead any sustained rally between now and October.…
US Wheat Ends Steady to Higher; Bullish Spark Remains Absent: US wheat futures ended firm, with Sep CBOT rallying 1.25 cents. The modest addition of long wheat/short corn spreads is noted. Otherwise fresh fundamental leans slightly bearish. Funds on Tuesday were long a net 1,700 contracts in Chicago. Adding to this long position requires a…
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