Wheat Ends Firm; Aussie Rainfall Offers New Threat to Global Milling Supplies: US wheat futures ended flat. Paris futures ended weaker as the market there is optimistic regarding an extension of the Black Sea export corridor in mid-November. ARC’s bet is that the market lacks direction until the corridor is sustained or eliminated, but there’s…
Wheat Plunges on Soaring US Dollar; Black Sea Export Corridor Highly Uncertain November Onward: Global wheat futures collapsed on Friday as the macro market’s impact remains clear. The US dollar index found support at a longer-term uptrend line and again more attention will be paid to eroding purchasing power in major importers such as Turkey…
Wheat Recovers Following Russian Demand For Extending Export Corridor; S Hemisphere Weather Far From Ideal: Global wheat futures ended slightly higher following Russia’s demand for an easing of sanctions in exchange for an extension of the export corridor. The corridor is politically nuanced, involving Turkey, and key will be whether vessels continue to sail into…
However, price determination will be based exclusively upon geopolitics and Russia’s ability to ship at least 40 MMTs of supply in crop year 2022/23. Russian wheat exports in the Jul-Sep period are calculated at 9.5 MMTs, vs. 12.1 last year and the lowest since 2016. Shipments to date account for only 22% of the USDA’s…
Wheat Futures Correct; Russian Wheat Exports Extended: US and EU wheat futures ended sharply lower as the Black Sea export corridor remains operational despite escalating conflict and as the UN aims to speed up the inspection process of grain passing through the Bosphorus. ARC maintains that risk premium can be extracted in full until the…
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