Wheat Ends Firm; Market Awaits Chinese Trade Details: CBOT wheat futures ebbed and flowed throughout the session as the market digested varying sentiment surrounding Chinese trade. By late afternoon, details began to surface suggesting a Phase One deal now just awaits signing, and larger Chinese purchase of US ag products lies in the offing. The…
Wheat Leads CBOT Rally; EU Market Less Enthusiastic: CBOT wheat futures soared to gains 10-11 cents on the heels of positive US-China trade news. Chinese demand for specialty wheats this year has so far been pushed outside the US, but any commitment on behalf of China to boost US ag purchases is likely to include…
** Wheat Follows Row Crops Lower; Cash Market Stagnant: CBOT wheat futures ended 4-5 cents. EU futures ended similarly weaker. A vessel of UK feed wheat sets sail for the US on Thursday, which suggests that current CBOT prices are adequately rationing supply. Other wheat-specific news is absent. World cash basis levels are little changed,…
In the near term, the 2019/20 exporter balance sheet is tight enough to prevent major bearish trend until late winter. Major exporter production was lowered 1.8 MMTs as losses in Argentina/Australia more than offset a combined 1 MMT boost in Europe & Russia. Major exporter stocks/use was lowered to 15.6%, vs. 15.9% in November and…
US Wheat Ends Steady to Weaker; Downside Risk Limited For Now: CBOT wheat futures ended 2 cents lower KC contracts falling 4 cents. US export potential continues to erode. Gulf wheat’s consistent premiums to other origins has slowed US sales interest, with export shipments through the week ending Dec 5th totaling just 11.5 Mil Bu.…
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