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.…
CBOT Wheat Futures Reverse Lower on US Export Concern; Rising New Crop Stocks; US wheat futures were unable to sustain an early chart/index fund related rally and closed lower. US and world wheat prices have entered a time of extreme choppiness as Russian exports cap rallies, while the worry over the Ukraine export corridor underpins…
CBOT Wheat Futures Reverse on Fund Flows; KC Gains on Chicago Again: US wheat futures ended higher after posting early losses following the weakness in Paris wheat futures. A flow of investment funds into long only commodity index funds was noted as Goldman Sachs argues that commodities will outperform stocks in 2023. This comment has…
Wheat Futures End Firm; KC Gains on Chicago Following Acreage Data: US wheat futures ended steady to higher despite another day of weakness in Europe. It’ll be difficult to sustain the market below $7.20, spot CBOT, for any length of time amid funds’ current sizable net short position and as elevated wheat feed use is…
US wheat stocks contraction, which has been ongoing since 2016, will end assuming normal spring/early summer weather. ARC’s updated 23/24 balance sheet is attached. Demand is likely to expand along with total world consumption and trade, but stocks are still forecast to increase 35 Mil Bu – a small but important change. Stocks building is…
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