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U.S. wheat futures surged on Monday, supported by information that Russia had attacked Ukrainian port cities, including to issues about doubtlessly prolonged disruptions to shipments out of the Black Sea space.
Wheat (W_1:COM) for July supply settled +5.1% to $10.93 per bushel on the CBOT, which helped carry July corn (C_1:COM) +2.1% to $7.42 1/2 per bushel, whereas soybeans (S_1:COM) closed +0.1% to $16.99 1/4 per bushel.
ETFs: (NYSEARCA:WEAT), (CORN), (SOYB)
The missile strikes “undermined the credibility of Russia’s claims that it had no intention of blocking the circulation of food-based commodities out of Ukraine’s ports,” stated Arlan Suderman, chief commodities economist at brokerage StoneX, in response to Reuters.
Ukrainian President Zelenskiy stated there may very well be as a lot as 75M metric tons of grain caught in Ukraine by this fall.
Australia, one of many world’s largest wheat exporters, is forecast to supply one other enormous harvest this season, which may ultimately assist include rising costs.
Features in corn should not more likely to final, Charlie Sernatinger of ED&F Man Capital stated, in response to The Wall Road Journal: “Until we flip the blowtorch on [U.S.] Midwest climate, that is nothing greater than a brief protecting rally in a bear market.”
Wheat and corn futures fell sharply final week on the chance that Russia may carry its blockade of Black Sea ports.
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