CBOT wheat ends higher on Black Sea shipping disruptions
WEAT•Chicago Board of Trade wheat futures climbed on worries about ongoing Black Sea supply disruptions and a Saudi import tender that resulted in a purchase of around 683,000 metric tons, above the 535,000 tons sought.
1. Wheat futures rise
CBOT December soft red winter wheat closed 9-1/4 cents higher at $6.92-1/4 per bushel. K.C. December hard red winter wheat last traded 7 cents higher at $7.42-1/4 a bushel.
2. Supply and demand factors
A lack of progress in diplomatic efforts to restore normal Black Sea shipping has underpinned prices. Saudi Arabia said it purchased around 683,000 metric tons of wheat, exceeding the 535,000 tons it sought in a tender. The USDA said 302,356 metric tons of U.S. wheat was inspected for export last week, near the high end of trade estimates.
3. Crop progress outlook
Analysts polled by Reuters expected the USDA to report that 43% of the U.S. winter wheat crop had been planted as of Sunday. The USDA was due to update its weekly crop progress report later Monday.
