Additionally, US wheat crop losses in 22/23 will be piled onto losses in Europe, India, Ukraine and Argentina. Only Russia’s balance sheet will show abundance this year, and the importance of semi-normal Black Sea grain flows cannot be overstated. Assuming ARC’s updated US balance sheet, and accounting for a crop in Argentina of 17.5 MMTs,…
Wheat Markets Correct on Weak Equity Markets; Algeria Able to Buy Russian Origin: US and European futures ended slightly weaker amid confirmation that Algeria’s latest tender was filled with mostly Russian origin. The future of Black Sea wheat exports remains highly uncertain, and the lack of Ukrainian corn/feed wheat offers beyond November suggests the market…
Wheat Futures Soar on Black Sea Export Uncertainty; Argentine Crop Lowered: US and European futures soared on Wednesday, with spot Paris milling wheat finding a fresh 3-month high as spot KC & CBOT contracts test last week’s high. Risk premium is being added amid uncertainty over the ability of both Russia and Ukraine to supply…
Wheat Markets Recover Amid Short Covering at 20-Day Moving Average; Black Sea Risk Intact: US and European futures ended modestly higher following new threats of nuclear weapons from Russia and as an extension of the Black Sea export corridor looks increasingly unlikely. Droughts in the US and Argentina linger in the background. Heavy rainfall in…
Wheat Futures Sink as Market Turns Focus to Weak Global Demand: US wheat futures ended another 18-23 cents lower amid the shedding of risk premium in all raw materials. The financial market’s reaction to the Fed’s third rate hike last week is worrisome. Additional rate hikes will keep the US dollar index supported at a…
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