** US Wheat Futures End Mixed; World Market Falls Sharply: CBOT wheat ended firm amid talk of Chinese interest in US origin hi-pro spring wheat. Active rains will persist across the OH Valley into late month, and a much drier pattern will be needed in April. However, other world wheat markets ended sharply lower amid…
** CBOT Wheat Fund Liquidation Continues: CBOT wheat’s recent downtrend is ongoing and additional fund length is shed. There’s little wheat-specific news available, but world futures followed crude’s plunge. The Russian ruble hit a new 14-month low. Weakness in the ruble continues to drag interior Russian wheat prices higher which in turn weighs on fob…
** US Wheat Ends Steady to Lower; New Crop Russian Quoted Well Below Spot Market: May CBOT wheat ended unchanged, while contracts in KC & Minneapolis fell 7-8 cents. US export sales were decent at 20 Mil Bu, vs. 14 Mil the previous week. Buyers in Asia continue to seek US old crop supply. However,…
** Wheat Resumes Correction on Fund Liquidation: May CBOT wheat ended 9 cents lower. There’s little fresh wheat specific news available. ARC estimates that since last Tuesday managed funds have sold a net 16,000 contracts – and so maintain a net long position of 26,000 contracts. The attached graphic shows that fund length in late…
** Wheat Follows Corn Higher; Rally Struggles on Weak Global Cash Market: CBOT wheat futures settled 3-4 cents higher. Strength in corn and rumors surrounding Chinese purchase of US corn was cited. Yet, Black Sea cash prices continue to drift lower. Russian fob offers are at levels comparable to $4.40-4.50 basis May KC. Weather will…
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