The wheat complex is in rally mode to the lead the grains higher on Wednesday, with export concerns out of the Black Sea. Chicago SRW contracts are 35 to 36 cents in the green at midday. KC HRW futures are up 41 to 43 cents in the front months, after hitting the 45 cent limit. MPLS spring wheat are 25 to 28 cents higher so far on the day.
Russian exports through the Kerch Strait are still limited following last week’s report of restrictions. Overnight, Russia struck several port locations in Odesa, Ukraine in retaliation to recent Ukrainian strikes on Russian tankers in the Sea of Azov.
Taiwan importers purchased a total of 98,150 MT of wheat from the US overnight.
Sep 26 CBOT Wheat is at $6.80 1/4, up 35 1/4 cents,
Dec 26 CBOT Wheat is at $6.94 3/4, up 35 cents,
Sep 26 KCBT Wheat is at $7.21, up 43 cents,
Dec 26 KCBT Wheat is at $7.34, up 41 1/2 cents,
Sep 26 MIAX Wheat is at $6.84 1/4, up 26 1/4 cents,
Dec 26 MIAX Wheat is at $7.06, up 27 3/4 cents,
