** CBOT Wheat Ends Higher; US Crop Rating Best in Years: US wheat futures ended slightly higher amid similar strength in global wheat futures. The market is eyeing continued dryness in Ukraine and Russia – though ARC mentions that 9-15 day guidance is trending slightly wetter. A much wetter pattern is needed to maximize Black…
** CBOT Wheat Ends Firm; World Market Wary of Rising Russian Market: US wheat futures ended 7-9 cents higher, led by spot KC. The Black Sea forecast lacks a shift to wetter weather into April 18th, and Russian interior prices are again higher this week. Spot price in the North Caucasus – near export terminals…
** CBOT Wheat Wheat Continues Correction; SRW Basis Erodes Further: Fund liquidation was ongoing in CBOT wheat on Thursday. Black Sea dryness and Indian harvest difficulties are being largely ignored as interior US basis continues to decline. The Russian government aims to sell 1.5 MMTs of reserve stocks into the domestic market to ease lofty…
** CBOT Wheat Fals Sharply on Fund Liquidation: CBOT wheat futures settled 13-19 cents lower. ARC estimates that managed funds were long a net 25,000 contracts in Chicago. Amid such length, wheat will be more sensitive to negative coronavirus related news. Also notice that seasonal trends in Europe remain broadly intact – though have been…
HRW seedings are pegged at 21.7 Mil acres vs. 22.5 Mil a year ago. SRW seedings are pegged at 5.7 Mil acres vs. 5.2 Mil a year ago. HRS intentions are pegged at 11.9 Mil vs. final acres of 12.0 Mil a year ago. Assuming average abandonment and trend yields, 2020 US HRW production is…
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