Wheat Recovers on Russian Commitment to Floor Price; Weather Issues are Numerous and Worsening: Wheat futures recovered as the Russian government washed out previous sales made to Egypt below the official floor price – and as it appears Russian exports must adhere to the $270/MT fob price in public tenders moving forward. This leaves EU…
World Wheat Markets End Weak; Australian Drought Fear Growing; Egypt’s GASC Tenders for November Shipment: Wheat futures in Chicago and Paris ended $.05-.08/Bu lower on Tuesday. Confirmation that the first vessel in months has left Ukraine carrying wheat was digested. Other news is lacking. However, Russia is unlikely to passively watch Ukraine export grain in…
World Wheat Futures Correct on Improved Black Sea Grain Flows; Aussie Market Score Newer Rally High: US wheat futures ended 14-15 cents lower, with similar losses noted in Europe. The arrival of grain-loading vessels to the port of Chornomorsk in southern Ukraine implies exporters are optimistic regarding some measure of maritime shipments. The futures remains…
US Wheat Scores Key Weekly Reversal; Southern Hemisphere Weather Worrisome: US wheat futures ended higher, with Dec CBOT scoring a key reversal and settling above its 10-day moving average for the first time since mid-August. A close above $6.16 Dec CBOT, opens potential to $6.40-6.60. Managed funds on Tuesday were short a net 84,000 contracts,…
US Wheat Ends Weaker; Argentine Crop Improves Slightly; Drought Grips Australia: World wheat futures ended mixed with US contracts slightly lower and Paris milling wheat expanding its recent recovery by €3.00-3.75/MT ($.08-.11/Bu). Strength in the US dollar on Thursday weighed. Otherwise, Russian wheat remains the world’s cheapest origin and the increasing amount of Ukrainian military…
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