Wheat Short Covering Amid Record Indian Flour Prices & Rising Black Sea Tensions: Wheat futures ended higher for a second day on fund short covering. Indian wheat prices are record high, but the Gov’t announced a Gov’t plan to release 3 MMTs of reserve stocks into the domestic market to pressure prices. The attached graphic…
EU, US Wheat Futures Rebound on Lack of New Selling: Wheat futures ended higher as the market in Europe begins to recover from deeply oversold technical conditions, and as funds may be reluctant to add to an already sizable short position in Chicago. ARC estimates that managed funds this AM were short a net 75-80,000…
Wheat Tests January Lows on Lack of Bullish Input, Falling Corn Prices: Wheat futures in the US and Paris ended weak as spot Russian fob offers remain unmoved at $310/MT. Wheat pencils into feed rations across the Central Plains, but this has not yet positively impacted basis levels. And needed snow has fallen across CO,…
CBOT Wheat Rallies on Fund Short Covering; World Wheat Values Unmoved: US wheat futures ended higher on short covering as neighboring summer row crop markets digested needed Argentine rainfall. Spreaders were active exiting long corn/short wheat which started Friday’s US wheat futures rally. Note that KC wheat futures paced the rally with the Chi wheat/corn…
CBOT Wheat Extends Correction; Black Sea Cash Market Erodes (Again): US wheat futures ended lower for a second day as neighboring corn and soy markets digest improving South American weather, and as there’s no indication that Russia loses world market share during the remainder of winter. Spot Russian fob wheat is quoted at $305/MT, vs.…
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