CBOT Wheat Follows World Market Higher: US futures ended firm. Uncertainty over near-term Chinese demand for hi-pro US wheat will continue until a deal is signed and details are available. The world cash market also continues to recover from seasonal lows, with spot German & Russian origin this evening quoted at $200-201/MT, basis fob. This…
Wheat Follows Other Ag Markets Higher; Funds Cover on China Trade News: US wheat futures rallied 13-18 cents led by KC. There’s no wheat-specific news available, but European wheat futures followed. Managed funds on Tuesday were short 19,000 contracts of wheat in Chicago and a more sizable 35,000 in KC. This KC position is logical…
And the world wheat balance sheet continues to loosen. Total world end stocks were raised 1.3 MMTs to 287.8 – a record high – on a minor revision to domestic use and another 1.1 MMT cut to world trade. World trade wheat trade is now pegged at 179.7 MMTs, vs. 185.4 MMTs in June. Aussie…
Wheat Ends Flat; Black Sea Yield Hike Offsets S Hemisphere Losses: US wheat futures ended steady, with Dec CBOT unable to trade through its 100- and 200-day moving averages. Coming rainfall will stabilize Argentine yield potential. A 2-4 MMT boost to Russia’s crop in Thursday’s WASDE will offset projected declines in the Southern Hemisphere. Seasonal…
Wheat Follows Other Markets Higher; Egypt Tender Supportive: Dec CBOT wheat ended 11 cents higher on additional fund short covering. Coming snow will have limited impact on wheat supply and demand, with spring wheat harvest across ND and SD having reached 90% & 100%, respectively, as of Sunday. The Canadian Prairies will be spared from…
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