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3 Big Things Today, September 8, 2022

Wheat Futures Rise Overnight; Ukraine Releases Data on Grain Shipments

1. Wheat Futures Rise in Overnight Trading

Wheat futures were higher in overnight trading amid continued concerns about an agreement allowing ships loaded with grain from Ukrainian ports.

Russian President Vladimir Putin said earlier this week that he was considering canceling the deal, accusing Ukraine of sending its agricultural products to wealthy European countries rather than where they're needed most.

The agreement was brokered in late July in a bid to ease global food crises. Putin said Wednesday that he would consider limiting the countries to which vessels carrying Ukraine grain could sale.

Ukraine Foreign Minister Dmytro Kuleba said in a statement yesterday that two-thirds of the grain sent to foreign countries was directed to Asia, Africa and the Middle East. Prices declined after Ukraine grain was allowed out of its ports, which is important in mitigating global food crises, he said.

"These are real facts and the Russians' fakes about sending Ukrainian grain only to Europe simply do not correspond to reality," Kuleba said.

Still, investors remain concerned that Putin will halt or slow exports of wheat and corn from Ukrainian ports.

Wheat rose 3¢ to $8.47 ¼ a bushel overnight on the Chicago Board of Trade, while Kansas City futures added 2 3/4¢ to $9.04 1/4 a bushel.

Corn futures for December delivery were down 1¢ to $6.70 a bushel.

Soybean futures for November delivery gained 5¢ to $13.89 a bushel. Soymeal added $3 to $414.50 a short ton, while soybean oil fell 0.37¢ to $61.73 a pound.

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2. Ukraine Releases Updated Information Showing Where Vessels Sailed

Ukraine's Ministry of Infrastructure released a report showing exactly how many vessels departed, how much they were carrying and their destinations after the country was accused by Russian President Vladimir Putin of sending agricultural products to wealthy countries.

About 102 vessels sailed from Ukrainian ports since the start of the so-called grain initiative, a deal brokered by Turkey and the United Nations in late July and implemented on Aug. 1, the ministry said.

All told, about 2.37 million metric tons of agricultural products were shipped from Ukraine ports in Odesa, Chornomorsk and Pivdennyi.

Of those, 32 -- less than a third -- went to Europe carrying roughly 850,000 metric tons of agricultural products, the graphic said. Just over half -- 54 -- were destined for Asia with just over a million metric tons on board.

Sixteen vessels carrying 470,000 metric tons of agricultural goods were sent to Africa, the ministry said.

Russian President Vladimir Putin this week accused Ukraine of only shipping to European countries instead of to Africa, where food needs are the highest globally.

The infographic, however, shows eight vessels were destined for Egypt carrying 192,000 tons of grain and three went to Sudan with 115,000 tons.

Lone ships each went to Kenya, Algeria, Somalia, Djibouti and Libya carrying 50,000 metric tons, 44,000 tons, 29,000 tons, 23,000 tons and 16,500 tons, respectively, to each country.

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3. Red-Flag Warnings Issued For Parts of South Dakota, Nebraska

Red-flag warnings have been issued for much of South Dakota, Nebraska, Wyoming and parts of northeastern Colorado and northwestern Kansas amid extremely dry weather, according to the National Weather Service.

In north-central North Dakota, winds will be sustained from 15 to 25 miles an hour with gusts of up to 40 miles per hour this afternoon and evening, the NWS said in a report early this morning.

Relative humidity will fall as low as 17%.

In central Nebraska, winds will gust up to 30 miles an hour while humidity will drop to 15% to 20% today, the agency said. Lightning also is possible with storms that are expected to rumble through. Dry lightning is possible, the NWS said.

A heat advisory also has been issued for northeastern Colorado into western Nebraska today as temperatures will range from 99 to 104 degrees Fahrenheit.

"Hot temperatures may cause heat illnesses, especially for those working ... outdoors during the heat of the day," the NWS said.

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