Wheat Ends Strong Amid Short Covering, Supportive Chart Pattern: Another round of short covering rallied US wheat futures 9-15 cents, led by Dec KC. Russia’s overnight shelling of Mykolaiv in Southern Ukraine along soaring transit fees in Turkey offered fundamental support. ARC also notes that Dec CBOT’s ability to stay above its 20-day moving average…
Wheat Corrects Following Recent Short Covering: US & European wheat futures ended $.15-.24/Bu lower, with managed funds having covered an estimated 15,000 contracts since last Tuesday. The spec community is unwilling to establish new length amid aggressive Russian fob offers, but closer attention will be paid to the conflict in Ukraine. Recall the current corridor…
Wheat Surges on End-of-Quarter Positioning; US Priced Out of World Market: US wheat futures ended sharply higher as funds pare recently established net short positions in US futures and as the pace of Russian exports is sluggish. Paris milling contracts also ended higher, but the advance in world cash markets has not kept pace with…
Wheat Follows Corn Higher on Fund Short Covering; Russian Market Stays Weak: US wheat futures recovered, with fair value pegged at $7.70-8.25 basis Dec CBOT into early autumn. Managed funds on Tuesday were short a net 26,000 contracts vs. 18,000 the previous week, the largest since mid-February. Additional short covering is likely as corn futures…
Wheat Collapses in Late Session Sell Off; Weak Black Sea Bearish Catalyst: US wheat futures ended nearly 30 cents lower as the market continues to grapple with wide fob spreads between EU/US and Russian origins. ARC notes that Russia’s export tax calculation has declined to $70/MT vs. $83 last week, due to weakness in the…
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