Wheat Futures Jump 22 Cents as Russian Strikes on Odesa Deepen Black Sea Risks
Updated
Updated · Barchart · Jul 15
Wheat Futures Jump 22 Cents as Russian Strikes on Odesa Deepen Black Sea Risks
3 articles · Updated · Barchart · Jul 15
Summary
Wheat futures rose 15 to 22 cents early Wednesday across Chicago, Kansas City and Minneapolis, extending Tuesday gains as traders reacted to fresh Black Sea disruption.
Russian strikes hit several port locations in Odesa overnight after Ukrainian attacks on Russian tankers in the Sea of Azov, while exports through the Kerch Strait remain limited.
Open interest increased by 5,032 Chicago contracts and 1,056 Kansas City contracts on Tuesday, pointing to new buying rather than short covering.
U.S. supply signals were mixed: winter wheat harvest reached 67%, six points ahead of normal, while spring wheat conditions improved to 58% good-to-excellent despite sharp state-level drops in Montana, Idaho and South Dakota.
Demand and competing export flows also shaped the market, with Taiwan buying 98,150 metric tons of U.S. wheat overnight as EU wheat exports for the first 12 days of July trailed last year.