Wheat Recovers: Market to Reconcile Deeply Oversold Chart Patterns: Wheat futures ended firm on Friday, with KC/MGE contracts up sharply. Note that May KC rallied 36 cents just ahead of delivery, and ARC’s general thesis in the US continues to center on high-protein supply tightness. Breaking news was absent, but there remains considerably pessimism from…
Wheat Plunge Continues; EU Market Ends Lower as Stocks Forecast Raised: Wheat futures ended sharply lower as Paris milling futures were unable to hold chart support. The European Commission on Wednesday raised its projection of EU wheat ending stocks to 19.6 MMTs, vs. 18.1 MMTs previously and USDA’s projected 12.2. Weak export demand is cited.…
Spring Wheat Futures Drag Winter Wheat Futures to New Lows; EU Market Ends Firm: US wheat futures fell to fresh contract lows on bearish Canadian seeding intentions and as needed rain fell across the driest areas of the US Southern Plains. Chart patterns look bearish following May CBOT’s inability to stay above its 20-day moving…
CBOT Falls to New Lows; US Plains Rainfall Nearly Digested: US wheat futures on Tuesday ended 4-15 cents lower, led by KC contracts, with spot milling wheat in Paris losing 7 cents. Additional risk premium was shed as moderate rain begins falling across CO, KS and OK. Rainfall there increases in intensity beginning Wednesday and…
Wheat Ends Sharply Lower Ahead of Plains Rain Event; Funds’ Short in Chicago Estimated at 120,000 Contracts: US wheat futures ended weak on Monday amid talk of Russian fob quotes below $270/MT and as the EU and GFS models are in broad agreement that needed rainfall of 1-2” will impact key areas of the TX,…
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