Global Wheat Markets Extend Rally; KC/MGE Post New Contract Highs: Wheat futures ended steady to higher, having shrugged off early weakness, amid no material change in weather patterns in North America or Europe. ARC expects only 9-12% of spring wheat to be planted by Sunday in ND, vs. 55% on average. HRW conditions will fall…
The season-average price forecast at $14.05 was a record for the May WASDE, exceeding the previous record of $13 that was set in both 2011 and 2012. The USDA’s initial stocks/use ratio is at 6.8%, up from last year’s record-low ratio of 3.2%. However, a careful study of the chart shows that the USDA’s May…
World Wheat Markets Extend Rally; Contract Highs in Europe/Minneapolis: World wheat futures continue to add premium amid the return of importer demand and threatening weather in North American and Europe. ARC’s work strongly suggests that supply availability will untenably tight by late autumn, and much higher prices are needed to eliminate consumption outright. Additionally, markets…
World Wheat Markets End Firm as Importer Demand Surfaces: World futures ended higher on Tuesday, with KC/MGE futures maintaining bullish leadership roles. Spring wheat planting in ND, MN and Canada is being pushed back to late May, and odds that some 0.5-1.0 Mil spring acres are lost is rising. Weather patterns elsewhere in the N…
US Wheat Futures End Mixed; KC/MGE Contracts Unwilling to Break: World wheat futures ended steady to lower, but contracts in KC and Minneapolis largely shrugged off weakness as weather threats worsen. The fundamental wheat outlook is turning more bullish as supply issues will be difficult or impossible to solve in the 22/23 crop year. Don’t…
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