Markets digest a grain deal renewal but also low production problems for Ukraine. March 20, 2023
Wheat gapped lower in today's session and a minor upside intra-day gap to Friday's close is now on the chart. The trade noted there is "some type" of Ukraine deal renewal. On a minor note of support, the US forecast suggests a short term return for below normal moisture for the Southern/Central Plains. Wheat "may" have made its major spring price low according to our similar year studies.
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Possible light fund short covering yesterday
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Funds sellers of 21K, slightly higher support due to exports
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SA maps still look solid for rains in the 10 day
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Trade expects strong exports and more 8 AM announcements
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Open interest continues to fall drastically
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