Wheat jumps on Black Sea disruptions, big Saudi purchase
DBA•Chicago wheat rose 1.7% to $6.94-3/4 a bushel as stalled Black Sea shipments and a Saudi purchase of more than half a million tons supported prices.
1. Wheat prices rise
Chicago wheat gained 1.7% to $6.94-3/4 a bushel, recovering from six-week lows hit last week. Traders cited a lack of progress in restoring Black Sea shipments disrupted by the Russia-Ukraine war and a major Saudi purchase.
2. Other grains advance
Corn rose 0.5% to $5.00-1/4 a bushel and soybeans gained 0.7% to $12.87-3/4. Dry-weather forecasts were expected to help U.S. harvests, while strong U.S. exports, especially to China, supported soybeans.
