World Wheat Futures Continue Surge on Chinese Buying; EU Exports Must Slow: US wheat futures ended 9-13 cents higher, led by spot KC, as the major exporter balance sheet continues to tighten. ARC hears of lite but continued interest from China for US SRW. US export sales were a robust 21 Mil Bu, a 5-week…
World Wheat Market Moves Higher on Chinese Demand; US HRW Becoming Competitive: US wheat futures rallied $.05-.10, with spot Paris milling wheat settling up $.18 per bushel. China is reportedly seeking additional French origin – at a time with France’s milling wheat supply availability is rather tight – while there has been no sign of…
World Wheat Futures Collapse on Profit Taking; Bearish News Absent: US and world wheat ended sharply lower without any catalyst. ARC does note that spot Paris milling wheat on Monday was heavily overbought. The attached graphic shows that EU wheat can drop another €5-7 per ton and remain in a clear bullish price trend –…
USDA cut Canadian production by 2 MMTs, as expected. Other balance sheets were mostly left alone. The trimming of North American production along with no change to projected total world exports lowered exporter wheat stocks/use to a record low 12.6%, vs. 13.4% in September. In addition to 800,000 acres needed in US, 5 Mil additional…
World Wheat Futures End Steady; Russian Cash Markets Boosted by Strong Currency: US and world wheat futures ended mixed but very close to unchanged. The USDA in its Oct report Tuesday will lower US end stocks to 575-580 million bushels. The exporter balance sheet will tighten slightly. These changes have largely been digested, but upside…
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