Fund buying/covering into the close pushed winter wheat futures to steady/higher settlements. Spring wheat fell 5-11 cents on a lack of additional soaking rain and projected weekend warmth across the US Northern Plains. Fresh breaking news remains absent, but seasonal trends are steady/higher into May. More attention is being paid to the complete lack…
Fund short covering in decent volume sent US wheat futures to gains of 5 cents, basis KC and Chicago. EU wheat contracts were also stronger on better EU export demand. Broadly, seasonal lows in world prices are scored in the Feb-Mar period, and we look for steady/higher trade in coming weeks. US winter wheat…
The big surprise in the report and the one that helped limit losses in the CBOT soybean trade was the sharp decline in intended soy acres. In the March survey, farmers told NASS that they intend to plant 84.6 Mil acres of soybeans, 4.6 million less than 2018 and 1.6 Mil acres under expectations. …
Fund selling in the CBOT returned ahead of Friday’s USDA data. There’s again little new wheat-specific news available. Funds sold 3,5000 contracts. Needed rains will fall across the driest areas of Eastern Australia over the next 48 hours. This is rather timely as planting begins in April. However, dryness returns and will be present throughout…
US & European wheat futures ended firm, but in mediocre volume and amid a lack of fresh input. The graphic below shows the Jan-Dec seasonal trend in spot European futures. Lows are often scored in spring and again in autumn. A more positive trend in global wheat prices lies ahead as the heart of the…
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