It also remains that US SRW supply & demand will be the tightest of the major wheat classes. Using NASS’s final production numbers, ARC pegs SRW stocks/use in 2019/20 at 34% vs. USDA’s 37%. This is the lowest SRW stocks/use since 2013. HRW stocks/use is projected at 55%, vs. USDA’s 52%, on lower domestic feed…
Wheat Put in A Mixed Performance: Inter-market wheat spreading dominated US futures trade. SRW gained on the hard wheat and on the corn. After the SRW/CZ spread collapsed earlier in the week it’s been clawing its way back as liquidation seems to have run its course (chart). Of course, we have a USDA report on…
US Wheat Spreads Reverse; Dryness in Australia/Argentina Provide Bullish Undertone: It was another mixed day in US wheat futures as spring/winter wheat spreads reversed. December Minn wheat fell 5.5 cents while December Chi closed 7 cents higher. The Dec Minn/Chi spread lost 12.5 cents to settle at a 65 cent HRS premium. This has been…
US Wheat Futures Finish Mixed; Minn Rallies/Chicago Declines on Spreads: It was another mixed day in US wheat futures as adverse Canadian weather underpins HRS Minn futures while other classes finish lower on abundant supplies. Funds were buyers of Minn wheat and sellers of CBOT winter classes. GASC secured 300,000 MTs of Russian/French wheat (240,000…
US Wheat Futures Continue To Ease; Dec CBOT wheat ended 1.25 cents lower in a back-and-forth trading session. The market lacked direction and corn/wheat spreading was featured. Fresh news was lacking. The frost/freeze for the northern plains shouldn’t be much of an issue for spring wheat as they will be largely harvested and anything left…
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