** World Wheat Markets Bounce from Oversold Chart Conditions: May CBOT wheat ended flat, while KC futures rallied 5.5-6.5 cents. There was little to fuel the rally, and longer term input remains bearish. Russia’s ruble found a new 4-year low amid ongoing weakness in energy markets. Needed dryness will continue in Western Europe into late…
** CBOT Wheat Follows Row Crops Lower: US and world wheat markets continue to slide amid Covid-19 panic. The world cash market is less transparent, but it’s clear that sellers are following US and European futures lower. Wheat should find its seasonal bottom before corn/soy, but a major weather issue is needed for wheat to…
** CBOT Wheat Unable to Sustain Rally; Seasonal Trend Negative into May: US wheat futures ended flat following an early session bounce. The injection of Fed liquidity along with President Trump’s declaring of a US COVID-19 Emergency rallied the US stock market. Yet, full containment of the virus isn’t expected until late spring/summer. Consumer spending…
** Wheat Sinks with Financials; US New Crop Overpriced: US wheat futures continue lower on fund liquidation and uncertainty over wheat trade growth in 2020. Macros continue to weigh, with the US dollar up sharply and the Russian ruble again testing a new 4-year high. EU futures ended firm, but Black Sea cash values continue…
** Wheat Continues Correction; New Crop Russian Market Leads Break: US wheat futures ended sharply lower as concern over nearby consumer spending is intact. But fundamental weight also persists, and the attached graphic shows that declining world cash prices in late winter/early spring is seasonally common. Recent action in the Black Sea cash market has…
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