** Wheat Continues Correction; New Crop Russian Market Leads Break: US wheat futures ended sharply lower as concern over nearby consumer spending is intact. But fundamental weight also persists, and the attached graphic shows that declining world cash prices in late winter/early spring is seasonally common. Recent action in the Black Sea cash market has…
Old crop global wheat stocks less China were lowered 900,00 MTs amid larger total domestic use. However, major changes were absent. And focus now turns to new crop production and implications for demand following weakening importer currencies and less discretionary spending on food worldwide. There is still a heavier than normal burden being placed upon…
** US Wheat Futures End Mixed; World Market Falls Sharply: CBOT wheat ended firm amid talk of Chinese interest in US origin hi-pro spring wheat. Active rains will persist across the OH Valley into late month, and a much drier pattern will be needed in April. However, other world wheat markets ended sharply lower amid…
** CBOT Wheat Fund Liquidation Continues: CBOT wheat’s recent downtrend is ongoing and additional fund length is shed. There’s little wheat-specific news available, but world futures followed crude’s plunge. The Russian ruble hit a new 14-month low. Weakness in the ruble continues to drag interior Russian wheat prices higher which in turn weighs on fob…
** US Wheat Ends Steady to Lower; New Crop Russian Quoted Well Below Spot Market: May CBOT wheat ended unchanged, while contracts in KC & Minneapolis fell 7-8 cents. US export sales were decent at 20 Mil Bu, vs. 14 Mil the previous week. Buyers in Asia continue to seek US old crop supply. However,…
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