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…
CBOT, European Markets End Weak; KC Spread Scores New Rally High: Wheat futures ended mixed on Thursday, with Chicago down 5 cents, spring wheat unchanged and KC contracts up 5-6. Futures in Paris this week have built in modest carry, which suggests EU/Black Sea supplies are adequate to abundant, and this has been the fundamental…
CBOT Wheat Tests Mid-March Low Amid Talk of Large Russian, EU Stocks: Wheat futures ended sharply lower worldwide Paris milling wheat futures ending weaker for a fifth consecutive day. The European Commission still pegs EU wheat end stocks above 17 MMTs, vs. USDA’s projected 11.1. The USDA and European Commission never fully align but this…
US Wheat Extends Correction; Spot EU Market Drops to 18-Month Low: Wheat futures ended sharply lower on Tuesday, with US contracts catching up to this week’s losses in Paris. Breaking news is absent, but Russian fob prices continue to move lower in an effort to sustain world market share during the final throes of the…
Wheat Corrects on Weakness in EU Market, Decline in Ruble: US wheat futures ended lower amid the ongoing movement of Black Sea grain. The corridor has been extended for 60 days, though this was not a surprise. However, renewed weakness in the ruble and a stagnant Russian interior market will keep non-traditional demand away from…
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