CBOT Wheat Corrects on Larger Projected EU Stocks; KC-CBOT Spread Scores New Record High: Wheat futures ended mixed on Thursday, with contracts in Chicago and Paris retreating on the European Commission’s increase in projected EU stocks. The Commission kept its EU export forecast at 32 MMTs, vs. USDA’s 37, and this will allow EU stocks…
Wheat Ends Mixed on Black Sea Shake-Up; US Weather Concern Stays Elevated: Wheat futures worldwide ended firm but well below session highs. CBOT wheat’s 20-day high at $7.22 is clearly initial overhead resistance and while Viterra and Cargill’s (Western companies) announced exit from Russia this morning adds to uncertainty there, ARC is unsure whether this…
Wheat Ends Firm; Spot KC-CBOT Spread Scores Newer Rally High: CBOT wheat futures ended steady to higher, with May KC’s premium to Chicago reaching $1.72/Bu – just $.05 shy of 2011’s all-time record. A new high in this spread is probable without a rather immediate Central US weather pattern change. The EU and GFS model…
Wheat Extends Recovery on Black Sea Uncertainty; Plains to Stay Arid into Mid-April: CBOT wheat futures ended higher for a second day, driven by an ongoing lack of clarity regarding future Russian exports. Recall last week, there was widespread talk of some sort of control – establishing a floor price, buying for domestic reserves –…
Wheat Soars; May CBOT Stops Short of 20-Day Moving Average: Wheat futures ended sharply higher worldwide, with US contracts up 16-28 cents and spot Paris milling wheat rising $.40/Bu. Importantly, the European market is again inverted. News from Russia hinting at a halt to exports, the creation of a floor price and/or large buying for…
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