Wheat Begins Process of Scoring Bottom; Chart Healing Needed: Wheat futures worldwide ended sharply higher following deeply oversold technical conditions established Tuesday. EU cash market premiums stay firm. Aussie harvest pressure is being digested as farmers sell and when the wheat can’t be applied to an export contract, its hedged in Chicago. And US wheat…
Wheat Continues to Probe for Technical Bottom; US Premiums Collapse: US wheat futures ended lower for a fourth day, with pushback still lacking. Southern Hemisphere wheat supplies will peak in the weeks ahead. The Russian ruble scoring an 18-week low today lowers the cost of replacement there. Momentum has been on the side of the…
Spot CBOT Wheat Scores 14-Month Low; Market Deeply Oversold: Wheat futures worldwide continue to shed premium with Dec CBOT now perched just above $7.00. There is no one catalyst for the break, but a weakening Russian ruble keeps Russian wheat attractive to importers. ABARES raised its Australian production forecast to 36.6 MMTs, vs. USDA’s 34.5.…
World Wheat Markets Extend Correction; Funds Expand Short Position: Wheat futures ended lower again amid a lack of bullish input, coming rapid harvest progress in Australia and weakness in the US corn market. Updated Russian interior prices are unchanged week-over-week, and much of this winter’s business from North Africa and the Mideast will be given…
Wheat Futures Surrender Wednesday’s Rally on Continued Russian Export Dominance: Wheat futures in the US and Europe ended lower, with bear chart patterns intact. Breaking news is absent, weather becomes less relevant as Northern Hemisphere crops exit dormancy, and Algeria’s tender result this morning confirmed that Russian exporters are willing to undercut all competitors. Exporters…
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