Wheat Soars as Bullish USDA Reports Collides With Canadian, Russian Weather Issues: Wheat futures worldwide ended sharply higher as non-US markets fully digested USDA’s bullish US & exporter wheat balance sheets. Initial USDA supply and demand estimates raise the burden placed on Northern Hemisphere weather considerably, and while early, closer attention must be paid to…
Old crop wheat exporter stocks/use was raised to 15.5%, vs. 14.7% in April, amid cuts made to EU and Russian domestic use. Combined EU and Russian stocks in 22/23 are now estimated at 33.8 MMTs, up 7.2 from April. This increase is not overly surprising but does explain the weakness in EU/Black Sea cash markets.…
US wheat futures decline despite expectations for large losses in US HRW in tomorrow’s NASS crop estimate. U.S. new-crop CME SRW wheat futures were down 10-14 cents and off 42 cents for the highs it set on Monday. Similarly, KC futures lost 12-15 cents, but was only 22 below the 3-week high it set yesterday.…
Russian Wheat Sold at $276/MT to Algeria, but sale is completed on a CIF, not a FOB basis. The FOB price is estimated at $245-247/MT using a freight cost of $28-30/MT. Importers are now asking if Russia pays freight to other destinations? It’s a key question for Asian wheat/grain importers – is freight included for…
Wheat Ends Mixed; Spot KC-CBOT Spread Hits Record $2.76 KC Premium on Plains Abandonment/Yield Talk: Global futures ended mixed and largely traded their respective stocks. Contracts in Chicago and Paris ended lower while KC wheat futures pushed to a fresh rally high. The popular KC/Chicago spot wheat pushed out to a record high of $2.76/Bu…
Contact
submission
You have successfully added an item to your cart! You may view the contents of your cart and proceed with checkout, or continue shopping.
Multiuser
subscription
How many users would you like to add?
