Wheat Futures Extend Rally on Black Sea Export Concerns

CommodityGeopolitics
โดย Barchart·Read original
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Wheat futures continued to climb Thursday morning, with contracts across the three exchanges trading fractionally to 4 cents higher. The rally was fueled by ongoing export disruptions in the Black Sea, where Russia struck a vessel and port infrastructure in Odesa, while Ukraine targeted Russian oil refineries and tankers. On Wednesday, Chicago SRW futures closed 26 to 32 1/2 cents higher, KC HRW futures surged 23 3/4 to 42 cents after hitting the 45-cent limit, and MPLS spring wheat gained 22 to 27 1/4 cents. Traders await the weekly USDA Export Sales report, with expectations for wheat sales between 250,000 and 600,000 metric tons for the week of July 9. France AgriMer lowered its forecast for French wheat exports outside the EU to 7 million metric tons, down 0.4 million, and inside the EU to 7.4 million metric tons, down 0.5 million, while raising soft wheat stocks to 3.65 million metric tons.

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