Content ID

334750

U.S. wheat futures rally on Black Sea export concerns

CHICAGO, Oct 13 (Reuters) - U.S. wheat futures rebounded on Thursday from early session losses as Moscow said it was prepared to exit a Black Sea grain export corridor deal that had helped to restart Ukrainian shipments following Russia's invasion of its neighbor. * A weaker dollar , which makes U.S. grain shipments more affordable for those holding other currencies, and spillover support from higher energy and equity markets, also gave grains a lift. * The benchmark Chicago Board of Trade December soft red winter wheat contract settled 10 cents higher at $8.92-1/4 a bushel. * K.C. December soft red winter wheat last traded 12-1/4 cents higher at $9.82-1/4 a bushel, while MGEX December spring wheat was up 11-1/4 cents at $9.78 a bushel. * Moscow has submitted concerns to the United Nations about an agreement on Black Sea grain exports and is prepared to reject renewing the deal next month unless its demands are addressed, Russia's Geneva U.N. ambassador told Reuters on Thursday. * The Rosario grains exchange and the Buenos Aires grains exchange cut their forecasts for Argentine wheat production on Thursday amid adverse crop weather. * The U.S. Department of Agriculture (USDA) is due to release weekly export sales data on Friday. Analysts polled by Reuters expect net wheat sales between 200,000 and 500,000 tonnes. (Reporting by Karl Plume in Chicago; Editing by Lisa Shumaker)

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

Read more about
Loading...

Talk in Marketing

Most Recent Poll

Will you have enough on-farm storage for harvest?

I just want to see the responses
46% (21 votes)
Yes
35% (16 votes)
No, it’s going to be a bin-buster
9% (4 votes)
Maybe, depending on yields
7% (3 votes)
No, I am looking at new bins or temporary storage
4% (2 votes)
Total votes: 46
Thank you for voting.