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.…
Yet, the issue of a tight domestic US SRW market will be unchanged in 2020. Assuming another modest decline in new crop seedings, and trend yield/average abandonment, US SRW production will now allow US stocks to build. Domestic SRW use will be flat. Exports will be down sligtly. Notice that ARC’s 2020 SRW end stocks…
Global Wheat Futures Down; Arg Harvest Nearly At Half-Way Mark: March CBOT wheat gave back yesterday’s gains and then some, closing down nearly 4 cents at $5.24. KC futures lost 5 cents but MGE lost just a penny. EU futures lost less than a cent/Bu. Despite some problems this year, Argentina is expected to have…
Wheat Continues Correction on Russian Offers to Egypt: CBOT wheat futures ended 8-13 cents lower. EU futures ended down slightly as France missed another Egyptian purchase. ARC’s research maintains that world cash markets are in the process of forming a seasonal top. Egypt bought 295,000 MTs of Russian wheat exclusively. Egypt paid an average fob…
Wheat Ends Weak; World Market Forming a Top?: CBOT wheat futures ended 4.0-6.5 cents lower. No deliveries are expected against expiring December, but the market at current prices has digested renewed concern over a tight domestic SRW market. Weekly US export inspections fell to just 9 Mil Bu, the lowest of the market year. A…
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