The wheat market experienced significant gains on Wednesday, with Chicago SRW contracts rising by the 45-cent limit, closing at $7.30 1/2. KC HRW futures also surged, increasing 17 to 38 cents, with September close at $7.92. This rally was driven by escalating tensions in the Black Sea region, with a report suggesting Russia may escalate its conflict with Ukraine, raising concerns about future wheat exports.
On Thursday, expanded limit trading will take place, allowing price fluctuations of up to 70 cents. The upcoming export sales report is anticipated to show wheat sales between 250,000 to 550,000 metric tons for the week ending August 20. Additionally, the EU reported a decline in soft wheat exports, totaling 2.38 million metric tons from July 1 to August 23, down 1.18 million metric tons from the previous week.
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