Wheat futures prices climbed on Wednesday as market participants reacted to ongoing export restrictions in the Black Sea region. Chicago SRW wheat contracts closed 26 to 32.5 cents higher, while Kansas City HRW futures gained 23.75 to 42 cents, with front-month contracts briefly hitting a 45-cent daily limit. Minneapolis spring wheat futures rose 22 to 27.25 cents by the session’s end.
Russian exports via the Kerch Strait remain constrained after last week’s reported limitations. Overnight, Russia launched strikes on port facilities in Odesa, Ukraine, in response to earlier Ukrainian attacks on Russian vessels in the Sea of Azov. These developments have heightened supply chain concerns in the region.
The USDA’s weekly Export Sales report, scheduled for release Thursday morning, is expected to show wheat sales between 250,000 and 600,000 metric tons for the week ending July 9, according to a Reuters survey of traders. Overnight, Taiwanese buyers secured 98,150 metric tons of U.S. wheat contracts.
Key futures prices closed with the following gains:
- Sep 26 CBOT Wheat: $6.79¼ (+34.25 cents)
- Dec 26 CBOT Wheat: $6.93¼ (+33.5 cents)
- Sep 26 KCBT Wheat: $7.21¼ (+43.25 cents)
- Dec 26 KCBT Wheat: $7.34¼ (+41.75 cents)
- Sep 26 MIAX Wheat: $6.86½ (+27.5 cents)
- Dec 26 MIAX Wheat: $7.08¾ (+29.5 cents)
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