Wheat Ends Flat; Additional Black Sea Yield Data Awaited: US wheat futures ended mixed but very close to unchanged. Strong cash markets and miller demand will offer support on breaks. Whether new seasonal highs are needed in the next two weeks will be entirely a function of Black Sea yield trends. ARC mentions that Russian…
US Wheat Futures Correct; Rumored Chinese SRW Purchase Absent: US wheat futures ended sharply lower as this week’s export sales report failed to include rumored sales to China. ARC in recent days has also highlighted US wheat’s widening premium to other origins – which remain intact. Gulf SRW is offered $20/MT above Russian and $11/MT…
CBOT Wheat Soars to 3-Month High on Massive Fund Buying: US wheat futures ended sharply higher with Sep CBOT rallying $.25/Bu. Rumors that two cargoes of US SRW sold to China were noted. Confirmation of this demand will only be available in coming weekly sales reports. Other news wsa lacking but funds have been actively…
US Wheat Futures End Mixed; US Supply Overpriced but Downside in World Market Limited: CBOT wheat futures ended slightly higher. KC contracts fell 6 cents. ARC detailed that Russian cash prices have scored their seasonal lows in early July. Seasonally, Russia’s fob market begins a months-long recovery in August. The extent of this year’s recovery…
Wheat Follows Corn Lower; US Market Sees Diminished Hedge Pressure: US wheat futures ended weaker with Sep CBOT pacing the decline. Ukrainian yields have improved but other wheat-specific news is lacking. However, Gulf basis levels have rallied substantially since early July and US wheat prices are above comparable EU and Black Sea origins. ARC cautions…
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