CBOT Wheat Ends Lower; New Bullish Spark Absent: Spring wheat contracts ended firm. Contracts in Chicago and KC ended 3-6 cents lower. EU milling wheat futures ended unchanged. The global cash market remains elevated relative to last year on tight EU supplies, but with new crop demand lackluster there just has not been a reason…
CBOT Wheat Recovers; EU Cash Market Working to Slow Exports: The back and forth of US wheat futures continues with Sep CBOT rallying 9.5 cents. Talk of Brazil buying a few cargoes of HRW is noted. EU crop estimates are not improving and amid a rising euro and lack of farmer selling, the EU cash…
US Wheat Ends Correction; World Market Reacts Negatively to GASC Purchase: US wheat futures ended weaker amid negative seasonal trends as Black Sea exporters remain aggressive. Weakness in the ruble along with rising Russian winter wheat yields has caused exporters to search for demand. ARC’s work suggests that world wheat trade in July will be…
US Wheat Ends Sharply Lower on Rising Black Sea Yields, Weak Importer Demand: CBOT wheat futures ended 7-13 cents lower on Monday with calendar spreads rising. Black Sea yield updates suggests the USDA’s Russian crop estimate of 76.5 MMTs is closer than previously thought. This implies Russia’s exportable wheat surplus will be near to slightly…
World Wheat Markets Rally; Russia’s Interior Market Recovers: CBOT wheat futures ended sharply higher as cash prices in both Russia’s interior and export markets firmed. Cash prices in Russia have been mixed in the last 30 days. Yield uncertainty remains. However, demand is clearly being impacted by Covid-19 with Russian July wheat exports likely to…
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