Wheat Reverses on Dollar Weakness; Market Not Trading Fundamentals: Wheat futures ended sharply higher as a pause in selling left a vacuum in the market – amid deeply oversold technical conditions. ARC has highlighted the plunge in RSI in recent days. ARC estimates managed funds in Chicago were net short 112,000 contracts, a level not…
Wheat Scores 20-Month Low; Most Oversold Since July: The collapse in wheat futures continues as bearish momentum stays intact and pushback has yet to be found. The market is fundamentally undervalued – and deeply oversold – but short positioning remains a dominant theme. Russia’s discount to other origins has been eliminated. Wheat in Central, Eastern…
The wheat market’s inability to solve the issue of tight supplies will be a feature of the 2023/24 crop year. USDA left the US balance sheet completely untouched. The pace of export sales and shipments is aligned with the USDA’s forecast, while adjustments to feed/residual use will only be made after the release of March…
CBOT Wheat Bounces on Lack of Selling; World Price Relationships Narrow: Wheat futures in the US and Europe ended near unchanged. ARC’s work suggest the market is carving out an intermediate low as bearish input has been fully digested. Spot CBOT wheat’s premium to corn has fallen to an unusually weak $.41/Bu. Funds in Chicago…
Spot CBOT Wheat Falls to 18-Month Low; Open Chart Gap Filled at $6.85 March: Erosion in global wheat prices continues amid ongoing talk of surpluses in Eastern Europe – which will struggle to find old crop demand – and as the cost of replacement in Southern Russia has fallen to $4.60/Bu vs. $4.80 in mid-February.…
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