World wheat supplies are tightening! USDA lowered combined Argentine, Australian, Canadian, and European wheat production 7 MMTs. A 1 MMT hike in Ukrainian output did nothing to prevent exporter stocks/use from falling to 13.5%, vs. 13.9% in August. Deeper production cuts are expected in Argentina and Australia if needed rain fails to appear prior to…
US Wheat Scores Newer Low; EU Market Continues Probe for Demand; Russian Cash Market Does Little: World wheat futures ended weaker as global interior cash markets stay steady/weak and as European origin continues its search for elevated export demand. Sourcing Black Sea vessels beyond 45 days is impossible, which keeps trade execution confined to the…
Dec CBOT Wheat Tests Recent Low; Canadian Stocks Above USDA but Historically Low: World wheat futures ended weaker as the trade largely ignores additional recent Russian attacks near Odesa in Ukraine. Current abundant Black Sea/European supplies remain the market’s central focus, and strength in the European cash market will be the catalyst for a more…
Wheat Corrects on Southern Plain’s Rain, Strong Dollar; Argentine Production Trimmed: Selling resumed in US wheat futures as needed rain lies ahead for much of the US HRW Belt next week and as cash markets in Europe continue to probe for demand. Russia’s dominance of near-term trade continues to be felt, but ARC’s research maintains…
Wheat Extends Recovery on Adverse Brazilian Weather; US Basis Firms Slightly: Wheat futures worldwide ended firm on speculative short covering and as interior basis has firmed. HRW in Garden City up $.05/Bu and SRW in St Louis up $.11. There are no near-term supply issues, but ARC’s research maintains that global cash markets scored annual…
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