The wheat complex was in rally mode leading to the grains higher on Wednesday, with export concerns out of the Black Sea. Chicago SRW contracts were mostly 26 to 32 1/2 cents in the green at the close. KC HRW futures were 23 ¾ to 42 cents in the front months, after hitting the 45 cent limit during the session. MPLS spring wheat was 22 to 27 1/4 cents higher on the day.
Russian exports through the Kerch Strait are still limited following last week’s report of restrictions. Overnight, Russia struck several port locations in Odesa, Ukraine in retaliation to recent Ukrainian strikes on Russian tankers in the Sea of Azov.
The weekly USDA Export Sales report will be out on Thursday morning, as traders surveyed by Reuters are looking for between 250,000 and 600,000 MT of wheat sales during the week of July 9.
Taiwan importers purchased a total of 98,150 MT of wheat from the US overnight.
Sep 26 CBOT Wheat closed at $6.79 1/4, up 34 1/4 cents,
Dec 26 CBOT Wheat closed at $6.93 1/4, up 33 1/2 cents,
Sep 26 KCBT Wheat closed at $7.21 1/4, up 43 1/4 cents,
Dec 26 KCBT Wheat closed at $7.34 1/4, up 41 3/4 cents,
Sep 26 MIAX Wheat closed at $6.86 1/2, up 27 1/2 cents,
Dec 26 MIAX Wheat closed at $7.08 3/4, up 29 1/2 cents,
On the date of publication, Austin Schroeder 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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