** CBOT Wheat Plunges on Fund Liquidation/Global Demand Concern: The spread of coronavirus outside of China has renewed fears over future world GDP growth and discretionary spending. Losses in US wheat futures on Monday were exacerbated by managed funds near record long position in Chicago last week. Funds today sold an estimated 12,000 contracts in…
** CBOT Wheat Ends Sharply Lower; Fund Length Nears Record High: CBOT wheat futures settled 5-9 cents lower. The market turned weak at midday as macro markets are watching the spread of coronavirus outside of China. The USDA, like most in the trade, project a further tightening of US wheat supply & demand in 2020.…
** CBOT Wheat Ends Lower Amid Limited Demand News, Favorable World Weather: CBOT wheat futures ended lower but found support at key chart-based resistance. May CBOT’s 20-day moving average sits at $5.57. A close below this foreshadows the return to a range of $5.40-5.55 into early spring. The USDA kept its 2020 Us all-wheat acreage…
** CBOT Wheat Corrects Slightly; World Market Awaits Spring Weather: CBOT wheat futures ended 1-3 cents weaker but well-off session lows. The USDA’s all-wheat 2020 acreage forecast – and so implied spring wheat seeding – will be updated Thursday AM but ARC doubts the Outlook Forum will deviate from the baseline’s 45 Mil Acre estimate.…
** US Wheat Soars on Fund Buying; Global Cash Market Little Changed: CBOT wheat futures rallied 20-24 cents, the largest single-day rally since July! The catalyst was ABARES further cutting its Aussie production estimate to 15.2 MMTs vs. 15.9 MMTs, previously. And China will begin accepting application for duty waivers on March 2nd. Also circulating…
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