The wheat complex rallied on Wednesday with escalating tensions out of the Black Sea. Chicago SRW contracts were up the 45 cent limit in the front months and other contracts up 26 to 44 cents. KC HRW futures were 17 to 38 cents higher across most contracts at the midweek close. Both KC and CBT wheat markets will have expanded limits of 70 cents on Thursday. MPLS spring wheat was up 16 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.
Export Sales data will be released on Thursday, with analysts looking for 250,000 to 550,000 MT of wheat sold in the week ending on 8/20.
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 closed at $7.30 1/2, up 45 cents,
Dec 26 CBOT Wheat closed at $7.48 1/4, up 45 cents,
Sep 26 KCBT Wheat closed at $7.92, up 37 1/2 cents,
Dec 26 KCBT Wheat closed at $8.08 3/4, up 38 cents,
Sep 26 MIAX Wheat closed at $7.22 1/2, up 27 1/2 cents,
Dec 26 MIAX Wheat closed at $7.48, up 28 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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