Wheat Extends Rally; EU Market Ends Weak; Declining Russian Interior Market Beginning to Weigh on Fob Offers: US/European wheat futures are beginning to diverge as European premiums to Russian origin begin to weigh on future export potential. The attached graphic shows that spot Russian fob wheat has collapsed to $310-315/MT vs. $360 in late July,…
Wheat Follows Corn Higher; CBOT Settles Below Session High Amid Ongoing Cheap Russian Offers: Wheat futures are higher on Tuesday amid surging corn and soy markets. The market has recovered all of last week’s Black Sea headline-based losses, but ARC doubts that bullish vigor can return amid ongoing weakness in the Russian cash market. Large…
Wheat Extends Recovery Despite New 20-Year High Settlement in US Dollar; Spread Widens Between Black Sea Market and Others: US and European wheat futures ended higher on Monday. The market has so far simply recovered from oversold technical levels, and key in the next 30 days is whether importers opt to increase purchases of Russian…
Wheat Recovers; Chart Needs Healing: US wheat futures ended sharply higher through were unable to fully recapture Thursday’s losses. A close above $7.72, Dec CBOT, is needed to begin the process of attracting new long positions, but the market will be unable to prove/disprove the Black Sea’s contribution to global trade for another 30 days…
Wheat Scores New Low for Move on Expectation of Enlarged Black Sea Exports; Russian Shipments Remain Sluggish: US & European wheat futures ended sharply lower. Farmer in Russia are beginning to mobilize, via lobbying, against the government’s export tax and Ukrainian President Zelenskyy met with UN officials in an effort to bolster to recently established…
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