US Wheat Recovers on Aussie Production Decline; World Market Unmoved: CBOT wheat futures ended sharply higher on ABARES’ cut to Aussie production. Recent shorts are likely being covered and the trade has its eye on seasonal bottoms in the world market – which are typically formed by mid September. The world cash market today is…
US Falls Slightly on Stats Can Data: Dec CBOT wheat fell 2.5 cents on weakness in corn and renewed strength in the US dollar. ARC maintains that rallies will be difficult as major exporter supplies rise and EU/Black Sea exporters are competing aggressively to be the world’s cheapest origin. There’s an otherwise lack of breaking…
US Wheat Extends Recovery; Southern Hemisphere Dryness Being Watched: Dec CBOT wheat rallied another 5.5 cents. Lite fund buying is noted after reaching deeply oversold conditions on Tuesday. Argentina and Australia will both face a lasting period of dryness into the second half of September. And though it’s premature to begin trimming production estimates there,…
US Wheat Futures Recover on US Dollar Weakness; World Cash Market Ends Down Again: Dec CBOT wheat caught a bid after falling to oversold levels Tuesday and as the USD fell nearly 0.5%. UK Parliament is working to avoid a no-deal Brexit in October, and this shuffled world currency flows today. However, ARC mentions that…
US Wheat Futures Sink to New Contract Lows: Dec CBOT wheat ended 9 cents lower, with spot KC falling 16.5 cents to the lowest level since late 2005. Tuesday’s break was sparked by a warmer nearby Central US forecast and reduced corn yield threats. Turkey was also able to secure 250,000 MTs at very aggressive…
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