Content ID

334642

CBOT wheat futures slide amid worries over Black Sea grain trade

CHICAGO, Oct 11 (Reuters) - Chicago wheat futures fell back on Tuesday, after jumping to a three-month high a day earlier, as signs of escalation in the war between Russia and Ukraine continued to raise concerns about the viability of Black Sea grain trade in the coming months, traders said. * Comments by Russian Deputy Prime Minister Viktoria Abramchenko on Tuesday - indicating that Moscow could scrap a grain export quota for the second half of the season in view of its bumper wheat harvest - put attention back on large Russian supplies. * Investors also were adjusting positions ahead of the U.S. Department of Agriculture's (USDA) monthly World Agricultural Supply and Demand Estimates and Crop Production reports. * The benchmark Chicago Board of Trade December soft red winter wheat contract settled down 37 cents at $9.01 a bushel. * K.C. December soft red winter wheat last traded down 33 cents to $9.91-1/4 a bushel, while MGEX December spring wheat was down 27-1/4 cents at $9.87 a bushel. * Earlier in the session, traders were waiting to see if competitively priced Russian wheat would again pick up sales in a new import tender held by Algeria. * Algeria’s state grains agency OAIC has bought about 400,000 tonnes to 480,000 tonnes of milling wheat in an international tender which closed on Tuesday, European traders said in initial assessments. The news was reported late in the trading session, and the wheat was thought likely to be largely sourced from Russia, traders said. * Weakness in commodity and equity markets also weighed overall on the grains sector on the day, with renewed coronavirus restrictions in China adding to worries about slowing global demand, traders said. (Reporting by P.J. Huffstutter; Editing by Marguerita Choy)

© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about
Loading...

Tip of the Day

1-inch impact dolly cart

Socket caddy By welding lengths of angle iron with evenly spaced upright rods onto an old two-wheel dolly, I made a cart that holds my impact wrench... read more

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
46% (26 votes)
Yes
39% (22 votes)
No, it’s going to be a bin-buster
7% (4 votes)
Maybe, depending on yields
5% (3 votes)
No, I am looking at new bins or temporary storage
4% (2 votes)
Total votes: 57
Thank you for voting.