CBOT Wheat Ends Flat; Southern Hemisphere Too Dry: US wheat futures settled steady to very slightly lower on a lack of fresh news. US weekly export sales at 12 Mil Bu were uninspiring, but cumulative sales are on track to meet the USDA’s 975 Mil Bu forecast. ARC remains neutral, with ongoing dryness in key…
CBOT Wheat Falls Sharply; Egypt Tender Unexciting: CBOT wheat futures ended 8-9 cents lower. Extreme macro market weakness weighed, but fundamental short covering has also paused as US export potential remains limited. Southern Hemisphere dryness will lend support on breaks, but world cash markets will stay competitive amid abundant Northern Hemisphere supplies. Egypt’s GASC bought…
US Wheat Ends Steady to Lower; Russian Market Recovering Seasonally: CBOT wheat futures ended slightly higher, while other classes ended weaker. A drier Northern Plains weather pattern beginning this weekend will aid spring wheat harvest, while there’s nothing overly bullish available in US high protein wheat balance sheets. Heavy snow cover will restrict harvest in…
It also remains that US SRW supply & demand will be the tightest of the major wheat classes. Using NASS’s final production numbers, ARC pegs SRW stocks/use in 2019/20 at 34% vs. USDA’s 37%. This is the lowest SRW stocks/use since 2013. HRW stocks/use is projected at 55%, vs. USDA’s 52%, on lower domestic feed…
Wheat Put in A Mixed Performance: Inter-market wheat spreading dominated US futures trade. SRW gained on the hard wheat and on the corn. After the SRW/CZ spread collapsed earlier in the week it’s been clawing its way back as liquidation seems to have run its course (chart). Of course, we have a USDA report on…
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