** 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…
** US Wheat Ends Mixed; World Market Follows Negative Seasonal Trend: KC futures followed corn to modest gains of 5-6 cents. CBOT futures ended slightly weaker as funds continue to pare a sizable net long position. Hope for Chinese demand is noted but other bullish input is lacking. Prior to April – when Northern Hemisphere…
** Wheat Futures Recover from Session Lows; Currencies Hurting US Export Potential: May CBOT wheat ended 2.5 cents weaker but some 13 cents off its AM low. ARC estimates that managed funds this week sold a net 25,000 contracts, and as the market nears oversold territory some measure of stability is expected. However, fundamental bullish…
** Wheat Futures Continue Correction; Bullish Input Remains Absent: US wheat futures fell another 6-11 cents. Funds this AM were still long an estimated 35,000 contracts in Chicago and 2,000 in KC. This length is expected to be shed entirely before the market stabilizes. Coronavirus remains the focal point and there’s just no offsetting wheat-specific…
** Wheat Futures End Steady to Lower on Falling Black Sea Cash Market: CBOT wheat futures failed to build on Tuesday’s modest rally. Global financial markets continue their plunge as countries returning from carnival holidays digest the recent collapse in other equity markets. The US dollar ended slightly higher. It’s just tough to find any…
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