EU Wheat Ends Lower on Chart-Based Selling; US Futures Follow: US and world wheat futures ended lower again as Algeria snubs French origin for Black Sea and Argentine wheat and as Paris milling wheat falls below all major moving average. The slowing of EU export demand is noted, but there’s no indication that importers are…
US Wheat Futures Test Early Jan Lows; US Wheat Competitive Globally on Fob Fob Basis: World wheat futures ended lower for a second day amid plunging corn and soy markets. There is limited bullish news available to counter weather-based liquidation, with Algeria postponing its recently released tender till Friday and so far there’s only confirmation…
ARC’s updated US all-wheat balance sheet is attached. Old crop stocks have been increased to account for reduced feed disappearance, but it remains that end stocks will contract further in 22/23 barring near-perfect weather nationally in the April-July period. Note that US wheat carryover stocks have been trimmed by 553 Mil Bu (47%) since 2016,…
World Wheat Markets Continue Advance on Return of Importer Demand: Wheat markets in the US, Black Sea and Europe ended firm as a flurry of new import tenders emerged on Tuesday. Algeria and Turkey are seeking wheat for early spring delivery, while South Korea secured a modest tonnage of Australian feed wheat. World wheat trade…
World Wheat Markets Extend Recovery; Black Sea Market Returning From Holiday: Wheat markets worldwide again ended steady to higher. Wheat-specific news is lacking, but more of the trade is beginning to monitor developing dryness across North Africa and portions of the Middle East. There’s time for weather improvement there, but even modest yield loss relative…
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