Wheat Recovers Ahead of WASDE Amid Modest Short Covering: Wheat futures in the US and Europe ended firm. Fresh input is lacking, and there’s hope that Turkey’s tender this week for 500,000+ MTs (closes on Thursday) will provide clarity over the Black Sea cash market. ARC doubts there will be much revelation, with Russian fob…
Wheat Unable to Rally Amid Russian Offers to Egypt, Large Indian Production Potential: Wheat futures were unable to find South American weather-based strength and closed lower for a third session. Egypt bought at least 60,000 MTs of cheap Russian wheat ($337/MT including costs, vs. an offer of French origin at $352). India estimates its wheat…
Global Wheat Market Lacks Enthusiasm: Egypt/Turkey to Buy Black Sea Origin: Wheat futures in the US and Europe ended lower. There’s been no material change in the structure of the Black Sea cash market, with new demand from Egypt and Turkey this week to be filled with Russian and perhaps modest tonnages of European origin.…
Wheat Futures End Weak; Funds Defend Short Position in Chicago: Wheat futures ended slightly lower on Friday, with fundamental inputs unchanged. The Russian ruble has scored a newer 11-month low, with the cost of replacement across Southern Russia’s export corridor falling to $175/MT ($4.77/Bu). Winterkill risks are elevated in Russia into mid-January, but favorable weather…
World Wheat Correction Pauses; US Market Wary of Undercutting Argentine Offers: Wheat futures in the US and Paris ended flat as markets were nearing oversold territory Thursday evening. There’s no material change in aggressive Black Sea offers, but US Gulf HRW buys demand from Argentina below $8.35, basis spot, and European wheat’s premium to Russian…
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