Il Cbot ha alzato i margini del wheat , evidentemente si attende l'avvio di qualche giornata da limit
Pre-Opening Wheat Market Report for 8/29/2007
December wheat traded 3/4 of a cent higher in the overnight trading session.
With prices at historic highs, traders will continue to monitor tenders to see when high prices might begin to slow demand. However, extreme tightness of supply in some areas and especially tight supply from key exporters has provided underlying support. December wheat lacked the new buying support to make new contract highs yesterday, while March managed a new high prior to the day session trade. Disappointment over the Egypt tender and ideas that the market is overbought helped spark the setback yesterday. New record highs for European wheat futures overnight helped support the firm trade. In the India tender, officials received offers on supplying 530,000 tonnes with a range of prices of $385-$434 per tonne including cost and freight. This comes out at $10.47-$11.81 per bushel and will certainly be a test of demand from India on "how bad" they need the wheat. India production is estimated at 74.89 million tonnes from 69.48 million tonnes last year when India was an aggressive importer.
The market closed near unchanged yesterday after trading in a choppy, 11-cent trading range. News highs for wheat prices in Europe and ideas that strong demand will continue to tighten old crop supply helped push the market higher early, but weakness in the other grains and news that Egypt did not buy US wheat helped spark long liquidation selling and a move lower on the day into the mid-session. Egypt bought 85,000 tonnes of wheat from Russia and none from the US in their overnight tender. Jordon bought 100,000 tonnes of wheat from Russia. The harvest is 87% complete as of Sunday as compared with 90% last year. The 10 year average for this time of year is 69%. The CBOT raised margins to trade wheat with the initial margin up to $1,890 per contract from $1,688. French wheat futures posted all-time highs. The India Farm Minister indicated that the country plans to float regular tenders for an unspecified amount through 2007.
Aside from a chance for a few light showers today, the forecast for Australia is for dry weather for the next week, which will add to concerns for wheat crop there. Basis eased on disappointment that Egypt bought Russian wheat as opposed to US due to price differentials. After disappointing production from the US, Europe and Canada, traders were counting on a large crop from Australia this season but rain is needed badly in some areas or crop production ideas will begin to deteriorate rapidly. Demand will be tested with India tenders.