Wheat Continues Search for Seasonal Low; Spring Wheat Crop Ratings Fall for Second Week: US and European wheat markets shed risk premium on Monday amid relative calm in the Black Sea and sizable Russian exporter margins. ARC detailed in this evening’s wire how Russia’s interior cash market has stagnated in recent weeks. The market lacks…
US Wheat Weakens Further on US Dollar Strength, Calm in Black Sea; Fund Short Increases 5,000 Contracts: US wheat futures on Friday ended steady to lower, led by Chicago, with new selling emerging amid recent strength in the US dollar. Managed funds in Chicago on Tuesday were short a net 71,000 contracts. ARC estimates funds’…
US Wheat Corrects on Higher Dollar; EU Market Ends Flat: Wheat futures ended steady to slightly lower as the US dollar index rallied another 0.6% and settled above initial chart-based resistance. Breaking news is absent, but fundamental input leans positive and ARC’s work suggests there’s little/no risk premium in current prices. Importantly, Russia has raised…
Wheat Rallies on Corn Strength: Southern Hemisphere Weather in Focus: Wheat futures ended higher worldwide following new Russian attacks at grain facilities in Southern Ukraine and as Southern Hemisphere weather outlooks fail to change. ARC’s research indicates wheat is undervalued as rice values begin to ration tightening supply and crop potential erodes across Canada, Argentina,…
Wheat Ends Flat; World Cash Market Enters Neutral Trend; Southern Hemisphere Weather Concerning into Early September: US wheat futures ended mixed but little changed, with spot Paris milling wheat falling a modest €1.00/MT. Egypt’s tender result at midday provided limited clarity, though does indicate that cash markets scored their annual low in June. Russian exporters…
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