Global Wheat Futures Surge; Europe Added to List of Weather Concerns: Wheat futures soared Thursday as Indian production estimates dwindle, soil moisture loss returns to US Southern and Western Plains, and as more attention is being paid to recent and upcoming dryness in Europe. The attached graphic shows current soil moisture (top) and the GFS…
Global Wheat Futures Soar Supply Losses: Wheat futures worldwide ended sharply higher on Wednesday, with Sep Paris milling scoring a fresh contract high of €388/MT ($11.20/Bu). Talk that India was mulling a ban on export provided strength, and while India’s food minister denied the ban, the market is well aware that amid rising domestic use…
US Wheat Futures Extend Correction; Funds Estimated to be Net Short Chicago: US wheat futures ended weak as the major forecasting models continue to feature rainfall of 1-2” across swaths of OK, KS and NE over the next 72 hours. Crop health will be stabilized, but as mentioned previously yield improvement is unlikely give the…
Wheat Futures End Steady to Weaker; Plains Rainfall Battles Extreme Global Supply Tightness: US wheat futures ended mostly weaker but well off session lows. The major forecasting models are in broad agreement that additional needed rain will fall across KS and NE in the next 4-5 days, which will act to stabilize soil moisture there.…
Wheat Futures Extract Weather Premium; Mideast Production Declines: US wheat futures ended lower on Friday as needed rain lies ahead for much of the US HRW Belt. Additionally, the US market lacked the bullish anchor of rising European values, with September Paris milling wheat falling €7/MT ($.20/Bu). A correction was needed, but coming precip across…
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