Wheat Rally Pauses on Aggressive Russian Sale to Egypt, Broadly Favorable Northern Hemisphere Weather Patterns: US and European wheat futures ended steady to lower on Thursday. Egypt’s latest tender details are unavailable but Russian wheat was offered some $30/MT below French origin for early March. Russian wheat was offered $10-30/MT below all others for mid-March…
Wheat Stays Firm Amid US Dollar Weakness; KC Market Digests Ongoing Extreme Plains Drought: US wheat futures ended steady to higher amid strength in corn and as short-and-long-term climate guidance suggests extreme to exceptional drought will stay in place across the US Southern and Central Plains into March. Weather improvement is noted elsewhere, including the…
Wheat Short Covering Continues; US, EU Markets Rationing Supply Via Premiums to Russian Origin: March CBOT wheat on Tuesday scored a 4-week high as managed funds continue to pare net short positions. Paris milling futures recovered from deeply oversold technical levels. Fundamental output is largely absent, but what is data is available leans bearish. Gulf…
Wheat Ends Slightly Higher; Lacks Bullish Vigor Amid Weakness in Black Sea Market: Wheat futures in the US and Europe ended slightly higher along other ag commodities, but rallies remain isolated to modest short covering events. Russia’s interior market is lower this week, with the cost of replacement in southern Russia pegged at $185/MT, vs.…
Wheat Ends Mixed, Lacks Direction as Fund Short Battles Cheap Russian/Abundant Australian Supplies: US wheat futures ended mixed, but little changed with KC’s premium to Chicago advancing another 6 cents. Breaking news is absent, but the speculative community this week has been more willing to book profits on recently established short positions. Managed funds in…
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