CHICAGO: Chicago Board of Commerce wheat futures posted their biggest-ever weekly acquire as worths on Friday jumped by their each day restrict on deepening fears that Russia’s assault on Ukraine will trigger extended disruptions to exports from the Black Sea area.
Buying and selling was risky amid uncertainty over how a lot world demand might shift to america and to what extent the battle will hamper crop plantings in Russia and Ukraine.
Essentially the most actively traded wheat futures wv1 climbed 6.6%, or the expanded 75-cent restrict, to a 14-year excessive of $12.09 a bushel. The contract ended up 40.6% for the week.
With Ukrainian ports closed and operators reluctant to commerce Russian wheat within the face of Western monetary sanctions, consumers are looking for different suppliers.
Louis Dreyfus Co, one of many world’s largest agricultural commodity retailers, mentioned it had suspended operations in Russia. Learn full story
Russia’s commerce and business ministry, in the meantime, really useful the nation’s fertilizer producers quickly halt exports. Learn full story
“Issues look scarier than they did yesterday,” mentioned Jim Gerlach, president of commodities dealer A/C Buying and selling in Indiana.
CBOT corn cv1 rose to its highest worth since September 2012 at $7.82-3/4 a bushel earlier than trimming beneficial properties as merchants booked earnings, brokers mentioned. Essentially the most-active Could contract CK2 settled 6-1/2 cents up at $7.54-1/4 and posted weekly beneficial properties of 15%.
CBOT soybeans sv1 completed down 7-1/4 cents at $16.60-1/2 a bushel and rose 5% over the week. Merchants weighed the lack of sunflower oil exports from Ukraine and Russia towards improved soybean crop situations in South America and profit-taking in oilseeds. Learn full storyPOI/
Russia and Ukraine account for about 29% of world wheat exports, 19% of corn exports and 80% of exports of sunflower oilwhich competes with soyoil,
Euronext wheat raced to file highs as export demand for EU provides surged from importers trying to find options to Black Sea grain, merchants mentioned. Learn full storyRead full story
“The demand for wheat on the bodily market in (close by) supply is unprecedented,” consultancy Agritel mentioned. “Consumers face supply defaults for Black Sea origins.- Reuters