Wheat Prices Rise Amid Continued Tensions in the Black Sea

Market Gains Showcase Impact of Global Events on U.S. Wheat

The wheat market is experiencing upward movement as tensions in the Black Sea region escalate. All three major futures markets are higher. Specifically, Chicago SRW futures have increased by 4 to 6 cents for nearby contracts, while KC HRW contracts are posting gains of 6 to 7 cents. Midday trading shows MPLS spring wheat rising by 4 to 6 cents.

Recent rainfall has improved crop conditions, but forecasts from NOAA predict drier weather for much of the Southern Plains over the next week, as indicated in their 7-day QPF report.

This week, Export Sales data is anticipated to reflect total wheat sales ranging from 275,000 to 600,000 MT for the week ending November 14.

Furthermore, Taiwan is looking to buy 80,000 MT of U.S. wheat, with bids closing on Thursday. Algeria has also issued a tender for an undisclosed amount of durum wheat on Wednesday.

Dec 24 CBOT Wheat: $5.54, up 4 1/4 cents

Mar 25 CBOT Wheat: $5.73 1/2, up 5 3/4 cents

Dec 24 KCBT Wheat: $5.65, up 6 3/4 cents

Mar 25 KCBT Wheat: $5.76, up 6 1/2 cents

Dec 24 MGEX Wheat: $5.92 3/4, up 6 cents

Mar 25 MGEX Wheat: $6.10, up 4 3/4 cents

On the date of publication,

Austin Schroeder

did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information please view the Barchart Disclosure Policy
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.