On Wednesday, September 26, the wheat market surged, driven by export concerns from the Black Sea. Chicago SRW contracts rose by 26 to 32.5 cents, while KC HRW futures increased by 23.75 to 42 cents, with a 45-cent limit reached earlier in the session. MPLS spring wheat also saw gains, rising by 22 to 27.25 cents.
Russian wheat exports remain impacted by recent restrictions at the Kerch Strait, following Russian attacks on Ukrainian ports in Odesa. Meanwhile, Taiwan importers purchased 98,150 metric tons of wheat from the U.S. The USDA’s weekly export sales report, scheduled for Thursday, is anticipated to show sales ranging from 250,000 to 600,000 metric tons.
As for wheat prices, the September 26 CBOT Wheat closed at $6.79 1/4, up 34 1/4 cents; December CBOT Wheat closed at $6.93 1/4, up 33 1/2 cents; September KCBT Wheat closed at $7.21 1/4, up 43 1/4 cents; and December KCBT Wheat closed at $7.34 1/4, up 41 3/4 cents.
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