** Wheat Continues Rally on Coming Lack of CBOT Deliveries: US wheat futures soared 6-16 cents led by CBOT December. The lack of deliverable receipts registered in Chicago continues to trigger short covering ahead of the delivery period. World markets are firm, but today’s advance pushed Gulf HRW’s premiums to comparable EU & Black Sea…
** Wheat Rallies Ahead of December Delivery Period: CBOT wheat futures ended 6-7 cents higher. The rally is due to a complete lack of deliverable receipts registered against Dec. Yet, ARC detailed in this evening’s wire how the US market has found near-term fair value. Choppy trade lies ahead, with a longer term leaking of…
** Wheat Ends Weak; Black Sea Forecast Wetter in Late November: US wheat futures ended 5-7 cents lower. The world cash market is steady to weaker following news that Algeria plans to cap future imports at 4 MMTs per year vs. a projected 7 MMTs in 2019/20. Gulf HRW still offered at a modest premium…
Wheat Rally Pauses; EU Market Unwilling to Move Higher: March CBOT wheat ended 3.5 cents higher amid stable world values. Recall Tunisia and Algeria have sought optional origin supplies this week. This has prevented meaningful new selling in EU and Black Sea markets. The attached graphic shows that EU & Black Sea markets since early…
** CBOT Wheat Rallies Further; Black Sea Dryness Lingers: US wheat futures ended higher. Dec CBOT is now firmly trading above Minneapolis amid abundant US hi-pro supplies but tightening SRW stocks. Chicago’s premium to other markets will continue into 2020 as the SRW balance sheet stays tight without highly favorable Midwest weather next spring. World…
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