Noting the Russian attacks and statements regarding vessels, the wheat futures are rallying double digits. Chicago futures are up by as much as 7.7% on +50 cent gains. KC HRW is trading 28 to 34 cents higher so far. Midday spring wheat futures are up by 2.5% with 22 cent gains at midday.Â
Russia’s Defense Ministry announced that they will regard any vessels into Ukraine as potential weapons and munition traffic and will respond accordingly. The USSR also sent missiles to the ports of Odesa causing fires and moderate damage.Â
The UkrAgroConsult raised their expected 23/24 wheat exports 2 MMT for Russia after the termination of the Grain Corridor deal with Ukraine, taking them to 47 MMT. They also bumped up Russia’s old crop shipments 4.8 MMT higher to 46.8 MMT.  Russia attacked port facilities in Odessa, with some damage reported despite most of the missiles and drones failing to penetrate the defenses.Â
Sep 23 CBOT Wheat  closed at $7.21 3/4, up 51 cents,
Dec 23 CBOT Wheat  closed at $7.40, up 49 1/2 cents,
Cash SRW Wheat  was $6.62 5/8, up 51 cents,
Sep 23 KCBT Wheat  closed at $8.64, up 36 3/4 cents,
Cash HRW Wheat  was $8.18 3/8, up 36 3/4 cents,
Sep 23 MGEX Wheat  closed at $8.98, up 20 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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