Ukrainian policy scared Egypt overnight and they distanced themselves from Ukrainian wheat trade. http://bit.ly/worldfoodblog
12:48 PM - 16 Nov 12 · Details
| Ukrainian policy scared Egypt overnight – November 16, 2012 |
WHEAT: STEADY - MIXED
Since Monday, wheat has done very little in the way of price swings as traders try to discover a competitive range in the international market. This morning trade seems similar to what we have seen the past few days, currently trading nearly unchanged. Ukrainian policy scared Egypt overnight and they distanced themselves from Ukrainian wheat trade. Export sales out this morning are up 50% from the previous week, but that is not saying much with last week’s low for the harvest year. Sales of 314,600 MT last week were still down 19% from the four-week running average. In order for the U.S. to get competitive in this market we will need domestic and global price to find some sort of middle ground. As we have talked about, current sales are lagging far behind just about any kind of estimates available. It should be a quiet Friday as we close the market searching for direction.
Since Monday, wheat has done very little in the way of price swings as traders try to discover a competitive range in the international market. This morning trade seems similar to what we have seen the past few days, currently trading nearly unchanged. Ukrainian policy scared Egypt overnight and they distanced themselves from Ukrainian wheat trade. Export sales out this morning are up 50% from the previous week, but that is not saying much with last week’s low for the harvest year. Sales of 314,600 MT last week were still down 19% from the four-week running average. In order for the U.S. to get competitive in this market we will need domestic and global price to find some sort of middle ground. As we have talked about, current sales are lagging far behind just about any kind of estimates available. It should be a quiet Friday as we close the market searching for direction.
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