CBOT Wheat Rallies on Firming Russian FOB Offers: US wheat futures ended 5-8 cents higher led by short covering in KC. Russia’s cash market is noticeably firmer this evening as the Russia’s currency rallied amid soaring crude oil prices. ARC reiterates that world wheat markets tend to find their seasonal lows in mid-September. Downside risk…
Wheat Rally Stalls on Stagnant World Cash Market: US wheat futures ended lower, with the rally pausing after funds have covered an estimated 14,000 contracts this week. Southern Hemisphere wheat areas will stay dry into late month, but otherwise there’s no sign of supply tightness in the world market. Global wheat demand and trade need…
The bigger issue for world wheat markets is the lack of growth in trade. The USDA lowered world wheat trade another 2 MMTs to 180.8 MMTs. This is down 3.8 MMTs from USDA’s initial forecast in May. World wheat trade in 2018/19 was lowered a full 16 MMTs from May to final. The attached graphic…
US Wheat Corrects on Weakness in World Market: US wheat futures ended 5-7 cents lower, basis spot CBOT & KC. Dec CBOT easily exceeded its 20-day moving average on Mon-Tues, but cash markets across the world continue to signal a more than adequate supply. The attached graphic shows that HRW basis in Central KS has…
US Wheat Extends Recovery on Chart Pattern; European Market Follows: CBOT wheat futures rallied another 8-9 cents. There’s limited wheat-specific news available, but surges in neighboring corn and soy markets offered support. ARC does mention that complete dryness will persist into late September across key areas of Argentina and Australia. The need for rain in…
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