CBOT wheat gains as Black Sea fighting disrupts exports
WEAT•Argentine ports reopen after strike
Argentina's grain ports returned to normal operations on Wednesday after a strike by maritime pilots paused the country's foreign trade for roughly 24 hours, Guillermo Wade, the head of a ports industry chamber, said.
Wheat futures rise on Black Sea export concerns
Chicago Board of Trade wheat futures firmed on Wednesday on concerns about global stocks, as fighting between Russia and Ukraine continued to disrupt grain exports from the Black Sea region, market analysts said.
- CBOT September soft red winter wheat WU26 ended up 3-3/4 cents at $6.42-1/4 per bushel.
- K.C. September hard red winter wheat KWU26 settled up 6-1/2 cents at $7.13-1/2 a bushel and Minneapolis September spring wheat MWEU26 fell 1 cent at $6.83-1/2 a bushel.
Algeria tender and Black Sea rumors support market
Algeria’s state grains agency OAIC has bought around 720,000 metric tons of milling wheat in an international tender that closed on Wednesday, European traders said.
Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
Meanwhile, traders said an unconfirmed rumor that Russia was planning to close its Black Sea ports on Wednesday evening due to security risks fueled a rally in Euronext December wheat — but the contract later pared gains as traders played down the talk.
