CBOT wheat ends higher on Black Sea shipping disruptions
WEAT•CBOT wheat futures rose for a fourth straight session, with December soft red winter wheat closing 12 cents higher at $7.04-1/4 per bushel, as concerns about Black Sea supply disruptions supported prices.
1. Wheat futures advance
CBOT wheat futures rose for a fourth straight session on Tuesday as traders worried about ongoing Black Sea supply disruptions linked to the Russia-Ukraine war. December soft red winter wheat closed 12 cents higher at $7.04-1/4 per bushel; Kansas City December hard red winter wheat last traded 14-1/4 cents higher at $7.56-1/2, and Minneapolis December spring wheat ended 11 cents higher at $7.19-3/4.
2. U.S. planting progress
The U.S. Department of Agriculture said 36% of the winter wheat crop had been planted as of Sunday, up from 27% a week earlier but below analysts’ average estimate of 43%. A merchant ship sank in the Black Sea off Bulgaria after a drone strike, and its crew was missing.
