Wheat Adds Risk Premium Amid Russian Issues, Black Sea Weather: Wheat markets ended higher worldwide amid reports the Russian government has targeted another large exporter with phytosanitary-based controls. Russian company Aston is reported to have several cargoes stopped on Wednesday. Russia’s issue with RIF was largely resolved, but the uncertainty surrounding tension with Russia is…
US wheat futures ended weak for a second day as corn prices shed weather risk premium and as the US dollar is well supported. Additionally, US winter wheat crop conditions are the best in years as rain expands into the drier areas of the HRW Belt next week. ARC expects US/European markets to stay choppy…
US wheat futures closed lower following news that the Russian government allowed several RIF/Grain Flower vessels to sail following the issuance of phytosanitary certificates. Moreover, spot Chicago wheat was unable to rise above its 50 day moving average at $5.815. Spot CBOT Wheat Futures The 50-day moving average has provided formidable resistance since December. NASS…
ARC also notes forward supply risks are different by wheat classes. HRW stocks and stocks/use stay elevated if trend yield is obtained. NASS raised HRW seedings 300,000 acres relative to its January estimate. Durum seedings are projected to increase 350,000 acres (21%), and assuming normal weather durum stocks/use in 24/25 swells to 35%, vs. a…
World Wheat Values End Flat; Spring Wheat Seeding Intentions Important on Thursday: Wheat futures worldwide ended unchanged. EU & Russian cash markets are unmoved. It’s weather in April/May that matters, but ARC’s work suggests that confirmation of enlarged US spring wheat seeding intentions are needed to be bearish of high protein markets nearby. The attached…
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