AgResource Wheat Comment and Analysis

Russian Export Tax Uncertainty Weighs on Global Wheat Market; Downside Risk Limited: US & European wheat futures ended slightly weaker. Spot fob offers, including Russian, remain unchanged. However, Russian offers beyond January have disappeared as exporters digest the massively elevated pricing risk. The US may only benefit modestly from Russian government intervention, but higher global…

AgResource Wheat Comment and Analysis

CBOT Wheat Recovers on GASC Tender Result; Cash Market Uncertainty Expected; March CBOT wheat partially recovered as Egypt’s GASC was forced to pay an incredibly lofty $270/MT for Ukrainian/Romanian wheat for February. Russian exporters clearly had no appetitive for Egypt’s business given the rising uncertainty of their tax burden mid-February onward. The Russian government confirmed…

AgResource Wheat Comment and Analysis

Global Wheat Futures Collapse; Market Pessimistic Russian Policy Will Alter Trade Flows: March CBOT wheat reversed Friday’s rally almost entirely. There was no fresh news surrounding possible Russian government intervention, but details are awaited. For now, Russian wheat is still competitive in the marketplace. Sizable shipments will persist. March KC above $5.80 is too expensive…