CBOT Wheat Recovers; GASC Purchase Forces World Cash Market Higher: US and world wheat futures ended moderately higher following a sizable Egyptian purchase with needed rain lacking for Southern Russia into Oct 5th. The attached graphic shows that current moisture levels in Southern Russia – a major winter wheat area – are insufficient. Ongoing dryness…
CBOT Wheat Collapses; Egypt Seeks Wheat for late November Arrival: US wheat futures ended sharply lower. Significant Chinese demand is becoming less likely while Southern Hemisphere weather improves. Firm EU/Black Sea cash markets place a floor under the market at $4.70 (basis Dec KC), but US Gulf premiums to all other origins stays stout. Yet,…
Wheat Soars to 6-Month High on Rising Black Sea Cash Market: CBOT wheat futures added substantial weather premium amid ongoing severe dryness in Eastern Europe, Ukraine and Russia and amid the immediate need for rainfall in Argentina. Argentine yield will be stabilized if 10-day forecasts verify, but the 10-day Black Sea forecasts are arid with…
Wheat Ends Sharply Higher on Lingering Black Sea Dryness: CBOT wheat futures 12-15 cents higher. The dominant drivers of price remain concern overs seeding dates in Southern Russia and Southern Ukraine. Notice in the attached graphic that spot Russian fob wheat has rallied $26/MT ($.71/Bu) in just 30 days. It’s difficult to be bearish amid…
Wheat Rallies Following Egyptian Purchase; Still No Rain Offered to Black Sea: CBOT wheat futures ended moderately higher amid ongoing rallies in corn and beans. The world cash wheat markets are firm. Egypt bought 235,000 MTs of Russian and Polish wheat at an average fob price of $235/MT. This compares to Egypt’s purchase of Russian…
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