Wheat sees limit higher trade following Russian port bombings
Russia’s attack on Ukrainian ports is causing a major rally in grain markets.
Angie Setzer, co-founder of the grain marketing firm Consus, tells Brownfield futures are seeing support across commodities.
“We rallied back over $0.70 in December Corn,” she says. “We saw wheat just today alone rally 57 cents on the September board in the Chicago side of things, and so we’ve seen a big move to the high side. We’ve seen soybeans recover as well.”
Setzer says the jump during winter wheat harvest is not common.
“Historically speaking, and based on what we’re seeing from an overall supply and demand setup, it’s a great opportunity and one that we don’t get too often at harvest time,” she shares.
Contracts hit session highs Wednesday after Moscow said any ships entering the Black Sea headed to Ukrainian ports would be treated as hostile.
Ukraine’s ag minister says grain ports and terminals were attacked this week in two different cities destroying significant grain export infrastructure. Officials there are calling it an attack on global food security.
Photo courtesy of Ukraine’s Ag Ministry