@marketeye wrote:
This is the news the trade was waiting for Friday. It looks like Egypt is finding cheaper wheat around the world, other than U.S. This news will most likely be negative for Monday night's overnight trade, you imagine?
On Saturday, the Dow Jones Newswire ran this headline:
Egypts GASC Buys 365,000 Tons of Russian, Ukrainian, Romanian Wheat
Mike
i don't aggree that Egypt buying wheat from others is going to make our markets open weaker..........i think everyone knows that we are not the cheapest in the world....................haven't been for some time
the real issue for wheat is the fact that if Russia keeps up exporting like they have they could run out of product in a few months........maybe not actually run out of product; but there won't be much left for them to export
perhaps the reason the Russian commercials are selling now is because of the fact they know that they won't be able to in a few months...............so they would rather turn the wheat into cash now..........then maybe not be able to export it sometime around the first of the year
that is the story for US wheat...........export potential and demand potential in the very near future
Egypt buying wheat from Russia/Black Sea isn't new news................it would have been new news if the US would have got some of that business
old expected news shouldn't pressure our markets when they re-open..........wheat will follow corn and beans for sometime and if demand ever hits it could end up having it's own story...........just not soon...........the story could be rather bullish if present weather trends continue in Russia, Austrailia, and here at home in the US
