The wheat complex is extending to fresh highs on Wednesday following news out of the Black Sea. Chicago SRW contracts are uo 42 to 43 cents on Wednesday, after hitting the 45 cent limit near midday. KC HRW futures are trading with 36 to 37 cent gains so far at midday. MPLS spring wheat is up 27 to 28 cents.
Just before midday, a report suggested that Russia is looking to escalate the Black Sea conflict with Ukraine, adding concerns that wheat export flows out of the region will be suppressed in the near-term.
EU soft wheat exports totaled 2.38 MMT from July 1 to August 23 according to the European Commission, down 1.18 MMT from the week prior.
Sep 26 CBOT Wheat is at $7.27 3/4, up 42 1/4 cents,
Dec 26 CBOT Wheat is at $7.45 1/2, up 42 1/4 cents,
Sep 26 KCBT Wheat is at $7.91 1/2, up 37 cents,
Dec 26 KCBT Wheat is at $8.06 3/4, up 36 cents,
Sep 26 MIAX Wheat is at $7.21 1/2, up 27 1/2 cents,
Dec 26 MIAX Wheat is at $7.47, up 27 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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