CBOT Wheat Trades in 40-Cent Range; Downside Limited as Cash Market Stays Firm: Global wheat futures ended mixed, with Paris milling futures higher and US contracts ending steady/weaker. The US market was subject to long liquidation amid weakness in equity markets and as the US dollar scored a new 19-year high. ARC’s research maintains that…
USDA remains sluggish in properly adjusting Indian production and exports lower. Indian production this morning was lowered 2.5 MMTs to 106. There’s little doubt final Indian production will be 99-100 MMTs. USDA also pegged Jul-Jun Indian exports at 6 MMTs despite India’s confirmed implantation of an export ban. Equally important is that USDA raised Russian…
Wheat Futures Recover From Overnight Losses; Still No Indication that Ukrainian Exports Improve; Argentina Needs Rain: World wheat futures ended steady to higher amid strength in spot CBOT corn and as Russian rhetoric in Ukraine intensifies. There is no sign that conflict in Ukraine will end in 2022, nor will the two sides compromise to…
US Wheat Futures Recover; Nothing Comes from Meeting in Turkey: World wheat futures ended mixed, with EU futures slightly weaker and US futures slightly higher. As expected, nothing was solidified in Turkey on Wednesday. Russia wants Ukraine to clear the waters of mines and requires the lifting of sanctions to provide safe passage for Ukrainian…
Wheat Futures Correct Ahead of Turkish Meeting: Wheat futures worldwide wide ended lower amid lingering hope for the creation of an export corridor in the Black Sea. However, odds are extremely low that anything will come from Wednesday’s meeting in Istanbul, and most important is that Ukrainian officials will not be present. Headline risk persists,…
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