Wheat Markets Add Premium as Conflict Spills into Black Sea; No Rain Forecast in Argentina: Wheat futures in the US and Europe ended higher amid attacks intensify in the Black Sea, as Egypt seeks new supply for a second week, and as Southern Hemisphere crop threats remain intact. There’s no meaningful rainfall advertised in Argentina…
Wheat Ends Mixed; CBOT Finds Support at July Low; Funds Shed Length in KC: CBOT wheat stabilized, while KC and Minneapolis fell to fresh lows for the decline. Russian shipping routes were only temporarily halted following a seaborne drone attack on a Russian military vessel, and markets worldwide remain reluctant to add Black Sea risk…
Sep CBOT Wheat Touches Early July Low; Russia to Fill Nearby Import Demand but Long Term Supply Threats Elevated: CBOT wheat futures have surrendered the entirety of mid-July’s rally following Russia’s filling of Egyptian demand as Russia will dominate N Africa/Mid-East trade into autumn – barring infrastructure damage. Futures markets in the US/Europe are focused…
Wheat Tests Early July Low; Egypt Buys Russian, Romanian Wheat: CBOT wheat futures fell for a 6th day and are now $1.35/Bu below last week’s low. Egypt’s tender results this morning confirmed that the Russian market has bottomed, but also that Russia will be a sizable exporter to nearby importing markets barring conflict-based infrastructure issues.…
Wheat Futures Stay Weak; Egypt Returns to Market for First Time Since Early June: Wheat futures fell again following Monday’s disappointing technical performance and a lack of Black Sea news. Seasonally, N Hemisphere wheat markets tend to bottom by early September and struggle to rally in early August. Ongoing harvests provide some measure of supply…
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