** CBOT Wheat Recovers Along with Global Financial Markets: CBOT wheat futures ended 4-6 cents higher, having found buying near major chart-based support and as March neared oversold territory. EU cash basis and fob prices remain firm as stocks there tighten. An outright bearish pattern awaits clarity on Northern Hemisphere growing conditions – but weather…
ARC also highlights currently abundant soil moisture across the Plains and Midwest. A more normal, slightly drier pattern will be desired across the Southern Midwest SRW Belt this spring, but our work broadly suggests that abundant soil moisture even as early as Feb 1 correlates strongly with above-trend winter wheat yields. The major exporter wheat…
** CBOT Wheat Follows Corn Lower; Russian Interior Values in Correction: CBOT wheat futures shrugged off additional strength in Europe’s market and ended 5-6 cents lower. Europe continues to dominate world trade amid competitive prices, but export demand elsewhere is seasonally slowing. Note that major importers have now extended coverage well into spring. Harvests will…
** CBOT Wheat Rises on Confirmation of China Buying of French Wheat: US wheat futures posted mild gains on Friday. With Phase 1 of the trade deal with China expected to go into effect at the middle of the month the trade is making note of recent Chinese buying of French origin wheat – as…
** CBOT Wheat Slumps as US Missed China Buying: US wheat futures came under pressure as traders take stock of the demand outlook. Talk that China has secured 8-12 cargos of French wheat didn’t help the bulls’ case today. Neither did weakening SRW values both at the Gulf and the Interior. While US wheat offers…
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