Wheat rallies following Russian assault, dimming hopes for Ukraine exports (NYSEARCA:WEAT)

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Toltek/iStock by way of Getty Photographs U.S. wheat futures surged on Monday, supported by information that Russia had attacked Ukrainian port cities, including to considerations about probably prolonged disruptions to shipments out of the Black Sea space. Wheat (W_1:COM) for July supply settled +5.1% to $10.93 per bushel on the CBOT, which helped carry July corn (C_1:COM) +2.1% to $7.42 1/2 per bushel, whereas soybeans (S_1:COM) closed +0.1% to $16.99 1/4 per bushel. ETFs: (NYSEARCA:WEAT), (CORN), (SOYB) The missile strikes “undermined the credibility of Russia’s claims that it had no intention of blocking the move of food-based commodities out of Ukraine’s ports,” mentioned Arlan Suderman, chief commodities economist at brokerage StoneX, in line with Reuters. Ukrainian President Zelenskiy mentioned there may very well be as a lot as 75M metric tons of grain caught in Ukraine by this fall. Australia, one of many world’s largest wheat exporters, is forecast to provide one other large harvest this season, which might finally assist comprise rising costs. Features in corn are usually not more likely to final, Charlie Sernatinger of ED&F Man Capital mentioned, in line with The Wall Road Journal: “Until we flip the blowtorch on [U.S.] Midwest climate, that is nothing greater than a brief overlaying rally in a bear market.” Wheat and corn futures fell sharply final week on the likelihood that Russia might carry its blockade of Black Sea ports.

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