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U.S. wheat futures prolonged good points Monday after Ukraine used drones to cripple a Russian naval vessel and an oil tanker over the weekend, and Russia retaliated with assaults on Ukraine’s port infrastructure together with grain storage items, sparking contemporary issues about wheat exports from the area.
Wheat (W_1:COM) for September supply settled +3.8% to $6.57 1/4 per bushel on the Chicago Board of Commerce, whereas December corn (C_1:COM) ended +0.2% to $4.98 per bushel and November soybeans (S_1:COM) completed +2.2% to $13.03 3/4 per bushel.
ETFs: (NYSEARCA:WEAT), (CORN), (SOYB), (DBA), (MOO)
“The chance within the Black Sea is growing by the day and any risk to Russian exports is far more potent than a risk to the Ukrainian export hall,” mentioned Ole Houe, CEO at dealer IKON Commodities.
But industrial ships continued to go by means of the Kerch strait after the weekend assault, Bloomberg reported.
Chicago wheat futures stay greater than 15% decrease than a yr in the past amid harvest time within the Northern Hemisphere.
Weekend rainfall in U.S. crop-growing areas is predicted to proceed all through this week, serving to restrict good points for grain futures, notably CBOT soybean futures due to the overwhelming lengthy place fund merchants have on soybeans.
On Friday, the CFTC reported in its Dedication of Merchants report that by means of August 1, managed cash held a protracted place slightly below 100K contracts in soybeans, giving funds loads of room to liquidate positions.
Extra evaluation on grain futures:
