“Nothing has changed”said Greg Grow, director of agribusiness for Archer Financial Services. “We know that Ukraine and Russia are going to be greatly missed in the wheat sector.”
Soybean futures also rose, supported by strength in the global vegetable oil market as foreign buyers scrambled to find substitutes for Ukraine’s sunflower oil exports.
However, corn futures fell off the 9-1/2-year highs reached on Friday after some rain in key growing areas of South America.
Chicago Stock Exchange May soft red winter wheat futures rose an expanded daily trading limit of 85 cents to $12.94 a bushel, their highest price in 14 years. Wheat’s all-time high of $13,495 was reached on February 27, 2008.
Export demand for wheat from the European Union soared last week and is expected to rise further with Ukrainian ports closed and traders reluctant to trade Russian wheat.
“With this sudden flight from other sources, there is concern that some countries will introduce export restrictions to prevent their own domestic supplies from being absorbed,” said a trader.
* The US Department of Agriculture said weekly wheat export inspections totaled 343,000 tons, down from 430,000 tons last week.
Source: Ambito
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