Spot CBOT Wheat Falls to Two-Month Low; Reaches Oversold Territory in Past Two Weeks: US wheat futures ended sharply lower with March testing the lows of mid-December. The attached graphic shows that the market has tested both overbought and oversold levels since mid-February, and RSI index since summer has been the best indicator of future…
CBOT Wheat Steady, But KC and MGE Decline: US wheat futures were mixed. CBOT contracts were unchanged to down slightly in the new-crop contracts. KC wheat contracts dropped 5-12 cents with the greatest losses in the nearby contracts. Similarly, Mnpls wheat was off 4 to 6 cents. KC’s losses are thought to be due to…
CBOT Wheat Falls to 30-Day Low; KC-CBOT Spread Corrects Near Record High: US wheat futures ended sharply lower, with KC’s premium to Chicago dropping 14 cents after touching mid-December’s record high. The Russian interior market continues to erode due to weakness in the ruble (which scored 10-month low on Wednesday), which has weighed on fob…
CBOT Wheat Ends Lower on Weakness in Europe; Egypt, Turkish Business to be Awarded to Russia: US wheat futures ended weak on Tuesday, led by CBOT contracts, as selling resumes following another new marketing year low in Russian fob quotes. Russian wheat is buyable at or just slightly below $300/MT, which guarantees tenders released from…
CBOT Wheat Ends Flat; KC Premium to Chicago Reaches $1.40/Bu: US wheat futures ended steady to higher on Friday. Breaking news and overall market enthusiasm was lacking. Modest short covering is noted ahead of a three-day weekend in the US and most important over the next 1-2 weeks will be the market’s perceived likelihood that…
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