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…
Global Wheat Markets Soar on Concern Over Russian Supply Availability: March CBOT wheat rallied 20 cents amid reports that the Russian government is indeed considering placing a sizable levy on wheat exports to quell food inflation. The issue for markets worldwide is that with respect to a tax – rather than a new quota –…
More important were the USDA’s adjustments to global supply & demand. Total world wheat end stocks were lowered for the first time since July. Major exporter wheat stocks/use was reduced to 15.1% vs. 15.6% in November and 15.4% in 2019/20. The USDA followed Stats Can and ABARES in raising Canadian and Aussie production. Final Russian…
CBOT Wheat Reverses on Rumored Chinese Interest, Concern Over Food Inflation in Russia: CBOT wheat futures rallied 8-14 cents with March nearing level money with July. Confirmed Chinese demand remains elusive, but ARC commercial contracts suggests that Hong Kong showing strong interest for US spring wheat. Northern Hemisphere cash markets remain firm. US & Russian…
CBOT Wheat Ends Weak; Falling Aussie Market Weighs: CBOT wheat futures ended 8 cents lower on Tuesday. World fob offers were steady to down $2/MT with the Black Sea steady. Futures/cash prices in Australia continue to erode – despite a strong currency – as exporters there aim for markets previously dominated by Russia. Spot wheat…
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