CBOT Wheat Follows Corn Higher; US Premiums Widen: CBOT wheat futures extended their recovery amid limited wheat-specific news. Milling wheat futures in Paris also rallied but to a lesser degree. Needed rainfall that fell across the Canadian Prairies, ND and MN weighed on spring wheat contracts. Russian wheat is the world’s cheapest origin and the…
US spring-less-durum acres are estimated at 12.2 Mil Acres, down 390,000 acres from March and down 460,000 from last year. However, ARC notes that abandonment in 2019 was abnormally large. Assuming normal abandonment, spring-less-durum acres will be 11.8 Mil Acres, up 135,000 from last year. US durum seedings were raised to 1.50 Mil Acres, vs.…
CBOT Wheat Recovers from Contract Lows; World Market Inches Lower: CBOT wheat futures rallied 9-11 cents on limited fresh input. The market was oversold, funds on Friday evening were short an estimated 60,000 contracts in Chicago. Month/quarter ending book squaring occurred on Monday. US spring wheat ratings continue to erode amid persistent dryness across the…
US Wheat Futures Fall Sharply on Demand Concern: CBOT wheat futures ended 10-13 cents lower on concern over growth in global trade. Chinese demand for US hi-pro wheat is less certain amid rising US-Chinese tensions. International travel will be sharply curtailed amid rising Covid-19 cases, which bodes poorly for bread demand in major world tourist…
US Wheat Futures End Steady To Weaker; Winter Wheat Contracts Attempting to Forge Bottom: CBOT wheat ended firm, while futures in KC and Minneapolis ended slightly weaker. Winter wheat futures are in the process of forming seasonal lows, while spring wheat premiums are likely to erode amid coming boosts to soil moisture across the Northern…
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