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…
CBOT Wheat Ends Weak; Russian Crop to be Raised: CBOT wheat futures ended slightly weaker amid additional evidence that suggests the USDA’s Russian crop estimate is 2.5-3.5 MMTs too low. This is important as such an upward revision will offset future losses to Southern Hemisphere production. The EU/Black Sea market remains well supplied. ARC does…
CBOT Wheat Ends Flat; Russian Replacement Costs Rise: CBOT wheat futures ended unchanged amid a severe lack of fresh news. Australia will stay dry throughout the next 10 days. Better rain is offered to Argentina beginning late next week, but some measure of yield loss has already occurred in Northern Argentine wheat areas. Adverse Southern…
CBOT Wheat Ends Flat; Southern Hemisphere Too Dry: US wheat futures settled steady to very slightly lower on a lack of fresh news. US weekly export sales at 12 Mil Bu were uninspiring, but cumulative sales are on track to meet the USDA’s 975 Mil Bu forecast. ARC remains neutral, with ongoing dryness in key…
CBOT Wheat Falls Sharply; Egypt Tender Unexciting: CBOT wheat futures ended 8-9 cents lower. Extreme macro market weakness weighed, but fundamental short covering has also paused as US export potential remains limited. Southern Hemisphere dryness will lend support on breaks, but world cash markets will stay competitive amid abundant Northern Hemisphere supplies. Egypt’s GASC bought…
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