** Wheat Extracts Weather Premium; 2020 GDP Forecast Dire: US wheat wheat futures ended lower, with KC contracts pacing the decline. The major forecast models are consistent in forecasting a wetter trend across much of Russia during the second half of April. The EU model’s 10-day precip forecast is attached. Major winter wheat producing areas…
** AM Wheat Rally Fails; Black Sea Forecast Wetter: US wheat futures ended mixed, with KC contracts ending slightly higher and CBOT contracts slightly weaker. Overnight strength failed to hold as global financial markets weakened and the major weather models offered a more normal pattern of precip in E Ukraine and Russia. Funds added to…
Old crop major exporter wheat stocks/use was raised for the first time in calendar year 2020 amid lower projected global feed use and trade. Combined old crop exporter stocks were pegged at 58 MMTs vs. 56 MMTs a year ago. Yet, the market is wary of Black Sea dryness and uncertainty over the pace of…
** CBOT Wheat Follows World Market Higher; New Crop Inverse Being Monitored: US wheat futures ended slightly higher. Similar gains were noted in Europe. Global premiums are unchanged with the EU, Black Sea and Gulf HRW wheat offered in a range of $223-230/MT for spot delivery. The old crop marketing year is in its final…
** CBOT Wheat Ends Lower Following US Crop Rating; Global Cash Market Firm: US wheat futures ended slightly lower on modest fund liquidation and trendline or above trend US winter wheat yield potential. Other wheat specific news was lacking. EU and Russian cash markets are unchanged. The market’s eyes will stay keenly focused on extended…
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