The futures of wheat American rise this Thursday, after a third night of russian attacks to Ukrainian ports that renewed concerns about export disruptions needed to meet global demand and avoid rising food prices.
Wheat futures rose four of the previous five sessions and the benchmark contract for the Chicago Stock Exchange It soared 8.5% on Wednesday, the biggest daily rise since just after the start of the war, on the prospect of cutting off grain flows from two major global suppliers.
He Ukrainian Ministry of Defense It declared on Thursday that, from July 21, it will consider all ships heading for Russian ports and Moscow-occupied Ukrainian ports on the Black Sea as potential carriers of military cargo.
The announcement came a day after the Kremlin warned that ships bound for Ukrainian Black Sea ports could be considered military targets.
“That also raised the risk of retaliation in a way that could threaten shippers’ willingness to transport Russian grain across the Black Sea,” Arlan Suderman, StoneX’s chief commodity economist, said in a note to clients. “The implications are huge for global wheat supplies.”
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The futures of corn and the soy They weakened on profit taking, but warmer prospects in the major growing areas of the US Midwest contained declines.
The futures of soft red wheat Winter CBOT prices for September were up 3.25 cents at $7.31 a bushel. “Russia’s overnight attack on Odessa port infrastructure will have served to remind agents and observers of the risks involved in maintaining Black Sea trade flows without a guarantee of security,” said BMI Research, a unit of Fitch. Group, in a note.
CBOT November soybeans were down 6.5 cents at $14.255 a bushel and December corn was down 6 cents at $5.47 a bushel.
Source: Ambito
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