US Wheat Extends Recovery on Iraqi Purchase, Fund Short Covering: US wheat futures ended 5-18 cents higher, led by hi-pro contracts in KC and Minneapolis, following Iraq’s purchase of 200,000 MTs of US origin supply. Modest short covering has triggered US wheat’s recent recovery, and funds’ continued sizable short position poses upside risk into the…
KC Wheat Leads Rally on US Dollar Collapse; All Eyes on G20 Meeting Next Week: US wheat futures ended 9-18 cents higher on Friday, with Dec KC’s premium to Dec CBOT widening to $1.30/Bu. HRW crop ratings on Monday are likely to be steady/lower given a complete lack of Plains rainfall and max temps in…
CBOT Wheat Ends Weak, Settles in Middle of Range; UN-Russia Meet in Geneva on Friday: CBOT wheat futures ended lower amid collapsing row crop markets and as Russian fob offers continue to follow markets elsewhere. Spot Russian fob is quoted at $310, vs. $320 last week. Russian exporters are working to keep discounts to comparable…
Even accounting for Russia’s record crop in 2022 and possible record exports, major exporter wheat stocks/use will be the second lowest on record in 22/23 at 13.8%. Downside risk below $7.70-8.00 is limited. Rallies, however, will be hard fought until importers are forced to buy something other than cheap Russian origin in the spot market,…
CBOT Wheat Falls Sharply as Russia Dominates Trade; KC-CBOT Spread Widens: US wheat futures ended sharply as Algeria’s tender result at midday indicated yet more business for Russian exporters. Importers remain comfortable in keeping forward coverage limited/absent and securing aggressive Russian prices on a 60 day spot basis. There is some risk to this given…
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