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Market News & Rain Days 03/06/2022

With the hot wheat market, there has been a lot more mention of MATIF wheat. Marché à Terme International de France (MATIF) is a former futures exchange in France, which merged with the Paris Bourse, then with Euronext NV to Euronext Paris, which now belongs to the exchange operator Euro Next. So, that is where the MATIF came from, but it is simply milling quality wheat on the futures exchange in Paris, which is seven hours ahead of Central Time. So every morning, the first thing North American wheat and flour people want to know is what did MATIF wheat do overnight?


MATIF wheat gapped higher on Friday’s opening and advanced over €40 a mt (about $1.30 per bushel) before selling off sharply, filling the opening gap, traded €16 lower before ending Friday up €8.50.

It is very noteworthy that US wheat futures on Friday saw KC with five contracts limit-up most of the day, all moved off limit at mid-day followed by all the CBOT contracts except May. About 130,000 contracts of May CBOT wheat were bid into the close, which never came off limit-up. Option analysis (synthetic futures projection) indicates another 75 cent limit move is entirely possible Sunday night on the May CBOT contract. However, option volatility also indicates a top is near as does the fact eight wheat contracts came off and closed below limit-up.


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