US Wheat Futures Do Little Ahead of Weekend; World Market Key Next 30 Days: Futures ended steady to weaker. Fresh wheat-specific news was lacking. World wheat futures also ended little changed amid French rail/port strikes, slow farmer selling and concern over EU/Black Sea warmth offering support. However, notice in the graphic that Europe’s wheat market…
US Wheat Futures End Weak as Fund Buying Pauses: US wheat futures ended slightly lower. It remains that CBOT and KC contracts are overbought, and Gulf wheat maintains decent premium to all other origins for delivery into late winter. Additional fuel is needed to sustain this rally, but increasingly world wheat traders will be exiting…
CBOT Wheat Ends Lower on Fund Liquidation: CBOT wheat futures settled 6-8 cents lower on profit taking. ARC estimates that fund length in Chicago as of this AM expanded to a net 38,000 contracts, the largest since Sep of 2018. The attached graphic also shows the market early this week hit technically overbought levels. No…
** US Wheat Continues Rally; EU Market Pauses: CBOT wheat futures added another 7-8 cents and wheat’s response to the US-China Phase One agreement continues to outpace corn. World cash markets ended steady, but we do mention the US Gulf market’s premium to other origins is widening. Like corn, the market moves higher on balance…
Wheat Soars to New Rally Highs; Northern Hemisphere Crop Concern Cited: US wheat futures rallied 11-17 cents, finding new highs for the move. It’s odd that US wheat is leading the post-Phase One deal ag rally, but ARC does mention there is concern over crop development across the Black Sea – lack of snow cover…
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