Trade4go Summary
Wheat futures hovered around $5.5 per bushel on Friday, near the three-month high of $5.525 touched on February 12, as improving supply expectations tempered the earlier rally.
Gains initially driven by weather concerns and export optimism faded as tangible increases in global availability came into focus.
India’s decision to reopen exports with a 2.5 million-ton allocation, alongside Argentina’s record harvest and strong shipment pace, injected fresh supply into an already well-stocked market.
At the same time, USDA revisions lifted US ending stocks to their highest level since the 2019/20 season, while global inventories remain comfortable by recent standards, reinforcing buyers’ leverage.
Early February freezes also caused only limited damage to US winter wheat crops, easing fears of a weather-related shortfall and further capping upside momentum.
Source: Trading Economics
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Wheat futures hovered around $5.5 per bushel on Friday, near the three-month high of $5.525 touched on February 12, as improving supply expectations tempered the earlier rally. Gains initially driven by weather concerns and export optimism faded as tangible increases in global availability came into focus. India’s decision to reopen exports with a 2.5 million-ton allocation, alongside Argentina’s record harvest and strong shipment pace, injected fresh supply into an already well-stocked market. At the same time, USDA revisions lifted US ending stocks to their highest level since the 2019/20 season, while global inventories remain comfortable by recent ...
