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333814

U.S. wheat futures rebound on Black Sea supply concerns

CHICAGO, Sept 20 (Reuters) - Chicago Board of Trade wheat futures climbed on Tuesday to a two-month high, underpinned by uncertainty in the Black Sea region as Russia moves to formally annex captured regions of Ukraine, traders said. * The benchmark CBOT December soft red winter wheat futures contract added 63-1/4 cents to $8.93-3/4 a bushel, its biggest daily gain since March 3. * CBOT's most-active contract reached $8.96-3/4 during the session, its highest since July 11. * K.C. December hard red winter wheat futures climbed 53-1/4 cents to $9.63 a bushel, while MGEX December spring wheat futures lifted 41 cents to close at $9.59-1/4 a bushel. * Concerns over Black Sea shipments flared after Russian-installed leaders in occupied areas of four Ukrainian regions set out plans for referendums on joining Russia this week, a move that Ukraine dismissed as a stunt by Russia after recent crushing losses on the battlefield. * Ukrainian farms in all government-controlled regions have started sowing winter wheat for the 2023 harvest, seeding 364,000 hectares (899,460 acres), or 9% of the expected area, the agriculture ministry said. Last month, Ukraine's ag minister said the nation's planted area could fall to 3.8 million hectares from 4.6 million a year earlier due to the Russian invasion. (Reporting by Christopher Walljasper in Chicago Editing by Marguerita Choy)

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