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Wheat hits daily limit as Black Sea export worries intensify
Chicago most-active wheat rose to a fresh multi-year high at $7.48-1/4 per bushel, while corn and soybeans also reached life-of-contract highs amid Black Sea port disruptions.
Chicago most-active wheat futures hit their daily limit and reached fresh multi-year highs as Russia considered stepping up ballistic missile strikes on Kyiv, a development that is adding to concerns about Black Sea grain export flows. According to Reuters, the escalation signals widening uncertainty over global availability after tit-for-tat attacks disrupted grain loadings at Russian and Ukrainian ports.
The most actively traded wheat contract on the Chicago Board of Trade rose 45 cents to $7.48-1/4 per bushel. Every corn and soybean contract also moved higher in spillover, with the wheat rally reflecting heightened fears that negotiations have stalled and conflict could further interrupt logistics.
Corn futures followed suit, with the most-active contract up 13 cents to $5.36-1/2 per bushel, after the benchmark earlier climbed to $5.38-3/4 per bushel, its highest since the summer of 2023. Reuters also attributed part of the corn run-up to poor yield expectations, including projections from a widely followed Midwest field tour that suggested the U.S. crop could come in well below the USDA forecast.
Soybeans rose as well, with CBOT soybeans up 28-1/4 cents to $12.66 per bushel, supported by ongoing Chinese purchases of U.S. soybeans and a rebound in crude oil prices, Reuters reported. The story also noted that U.S. sanctions on Iran-related individuals, entities, and vessels were announced on Monday, without naming any Chinese financial institutions.
Latest closeWTI crude $81.58 ▼0.9%|Wheat $763.25 ▲11.3%|Corn $537.00 ▲7.3%