CBOT Wheat Probes for a Seasonal Bottom: US winter wheat contracts continue to move lower ahead of the peak harvest while spring wheat futures stay firm. There are rumors of Chinese interest in US high protein wheat and confirmation of demand will be watched for in the days ahead. Otherwise, Northern Hemisphere cash prices ended…
CBOT Wheat Extends Correction; Forward World Cash Market Slighlty Lower: US wheat futures ended mixed on Wednesday, with CBOT/KC contracts down 5-8 cents while spring wheat ended firm. ARC highlighted that seasonal trends in world futures are negative into late summer and the market awaits fundamental input that would offset additional speculative selling. ARC does…
US Wheat Ends Sharply Lower on Harvest; Needed Pattern Shift Across Black Sea Spring Wheat Belt: US and European wheat futures ended sharply. In the US, long wheat-short corn spreads were unwound following NASS’s unexpected decline in US corn crop ratings. Milling wheat futures in Paris fell to a new 3-month low amid negative seasonal…
US Wheat Ends Mixed; Global Cash Market Weakens: Wheat futures in Chicago and Minneapolis ended steady to higher. KC contracts ended slightly weaker. Milling wheat futures in Paris traded below major chart-based support with seasonal trends there negative into August. French, German and Russian fob offers are now centered at $205-209/MT. This is comparable to…
CBOT Wheat Ends Firm; Negative Seasonal Trend Buffered by Elevated Domestic Trend in Russia/Europe: CBOT wheat futures ended fractionally higher. Fresh input was lacking and global trade activity is subdued. Wheat yield is being determined across Europe and the Black Sea. Improved rainfall will be needed in Central Russia & Kazakhstan during July for trend…
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