** CBOT Wheat Corrects Slightly; Additional Moisture Boost Scheduled for Southern Plains: US wheat futures ended but mixed but near unchanged. All eyes remain on EU/Black Sea forecasts, which today are more erratic in Ukraine and Southern Russia. ARC reiterates that this is not a pattern of blocking high pressure Ridge. Outright drought is unlikely.…
** CBOT Wheat Ends Higher on Concern Over Late-Season EU/Black Sea Supply: US and European wheat futures rallied sharply. Russia’s Apr-Jun all-grain export quota of 7 MMTs has nearly been filled. This has triggered uncertainty over late season export demand. Russian exporters are uncertain if they’ll be allowed to ship wheat recently sold to Egypt…
** CBOT Wheat Ends Firm as EU Futures Test Winter High: US wheat futures bounced on Friday, but ended the week sharply lower. EU futures are perched at the late January high amid this week’s sale of French wheat to Egypt. The wheat outlook next week hinges upon rain across the parched areas of Russia.…
** Wheat Tests Chart Support; Gulf HRW Too Expensive for Egypt: US wheat futures ended sharply lower, with July CBOT and July KC testing major chart-based support. A close below $5.35, July CBOT, projects a test of $4.95-5.00 if normal rainfall persists in Ukraine and Russia into mid-May. Egypt secured a 240,000 MTs from France…
** Wheat End Lower; Egypt Returns for Late Spring Supply: US wheat futures ended 5-9 cents lower led by fund liquidation. KC wheat’s 100-day moving average sits just below today low. A close below $4.75 KC July foreshadows a deeper cent correction. Funds are long an estimated 20k contracts in Chicago. Egypt has rewarded the…
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