CBOT wheat futures fell 12 cents to new 3-month lows. US weekly export sales at 14 Mil Bu are viewed as market neutral. Wheat simply fell along with corn as the US Administration will add tariffs on Chinese goods beginning Sep 1. Following this week’s collapse Gulf HRW is offered at $197-199, basis fob. Russian…
CBOT wheat futures followed corn to losses of 10-11 cents. The spot wheat-corn spread sits at a rather normal $.87/Bu, but amid rising US production the market needs to work to find elevated feed consumption. European futures and cash prices also continue to drift lower. French wheat production is now estimated at a level 4-5…
CBOT wheat futures settled 6 cents lower. Fresh news is lacking and so is world tender activity. World cash markets are flat and US/world wheat markets lack a meaningful story. Until a bottom in world wheat prices is scored in September, rallies will be hard fought. The attached graphic shows the seasonal trend in Russian…
CBOT wheat futures ended 4-8 cents higher. Seasonal trends turn supportive as winter wheat harvesting ends. However, wheat lacks a demand story near term. The US winter wheat harvest has reached 75% complete, with only the PNW and far Northern Plains remaining. The US spring wheat crop is 97% headed. Spring wheat harvest will begin…
CBOT wheat futures fell 3-4 cents. European wheat futures also ended slightly weaker, and the battle for nearby world market share continues. ARC’s Black Sea contacts suggest the Russian wheat crop should stabilize at 74-76 MMTs following higher than expected official government data in key winter wheat producing regions. Solid yields are being reported in…
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