CBOT wheat extends gains on war risks
WEAT•Settlement prices
- CBOT September soft red winter wheat WU26 futures settled 22 cents higher to $6.74-3/4 per bushel.
- K.C. September hard red winter wheat KWU26 last traded 33-3/4 cents higher to $7.54-1/4 a bushel, while Minneapolis September spring wheat MWEU26 rose 9 cents to $6.78-1/4 per bushel.
Supply concerns remain in focus
- Russia's rejection on Friday of the idea of a ceasefire with Ukraine in the Black Sea rekindled market concerns after a Reuters report on Thursday said Ukraine sent an offer suggesting a halt to attacks on civilian targets in the Black Sea.
- Ukraine's military said it struck Russia's Novatek NVTK.MM gas condensate processing complex in the Baltic port of Ust-Luga. While no damage to grain sites was reported, the news raised concerns about risks to Russian grain exports given already severely reduced Black Sea flows.
- Dry conditions remain a concern in the southern U.S. Plains, with the planting of the 2027 winter wheat crop likely to begin in about a month.
Wheat futures rise on Black Sea war risks
Chicago Board of Trade wheat futures shot higher on Friday as news of a Ukrainian attack on a Russian Baltic port and Moscow's rejection of the idea of a Black Sea truce heightened market concerns about a squeeze on exports.
