Futures Close Report 20th Feb 2019
Latest tender for Egypt for 360k tonnes on wheat on global markets went to French (180kt) Romanian (60kt) Russian (60kt) and Ukrainian (60kt) origins. This underlines that black sea origins remain competitive despite the squeeze on supply as their stocks dwindle. US wheat still not competitive which remains bearish for CBOT.
China / US trade negotiations reported to be making progress with negotiators working on 6 memorandums of understanding to include agriculture and non-tarrif barriers as part of these 6. 1st March remains the deadline for further imposition of tariffs if no agreement is reached.