** CBOT Wheat Corrects as Overbought Territory Neared; World Cash Market Firm: US wheat futures ended mixed, with CBOT contracts slightly lower and other markets slightly higher. Wheat-specific news was lacking, but importantly EU cash prices are firm and Black Sea offers jumped $5/MT. Russian interior wheat prices have fallen sharply in US dollars as…
** US Wheat Soars Again on Nearby Food Demand: US wheat futures ended sharply higher as bread consumption/grocery store traffic are one of the few things benefiting from widespread social distancing. There were also unfounded rumors that the Russian government would move to intervene in the pace of its wheat exports. Russia will act to…
** World Wheat Market Recovers; US Market Losing Export Demand: US wheat futures ended 2-6 cents higher. Spot Matif wheat in Paris rallied €2.50/MT and has erased nearly the entirety of its coronavirus-based decline. Much of the strength in Europe in recent days has been a function of a collapse in the euro, but the…
** US Wheat Futures Surge; World Cash Market Rallies Modestly: US wheat futures soared to gains of 11-27 cents. This reflects the market’s first meaningful bounce from oversold conditions but also immediately puts US Gulf wheat in a rather non-competitive position for spot and new crop delivery. The US wheat market is adding premium based…
** World Wheat Markets End Firm Again; KC Wheat Leads US Advance: US & world wheat futures ended higher, with cash offers stable. There’s talk of Chinese interest in hi-pro US origin. Wheat will enter its weather market first and increasingly weather will occupy some fraction of price determination. A pattern of dryness will persist…
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