'AFR' on Tuesday 27 June 2023 reports:
Wheat reaches four-month high as traders assess Russia risks
Jun 27, 2023 – 4.18am
Wheat climbed to a fresh four-month high after ....added uncertainty over the outlook for grain shipments from the Black Sea breadbasket.
Russia...any shift in its shipments would have a significant impact on global flows. There doesn’t appear to be immediate disruptions to its wheat trade, although the shipping industry will be assessing the safety of operations in the region, said Carlos Mera, head of agricultural commodities market research at Rabobank.
Harvesters at work in Ust-Labinsk, Russia. Bloomberg
Chicago wheat futures climbed 1.3 per cent to $US7.56 a bushel as of 10.38am in New York trading Monday, after earlier rallying as much as 3.2 per cent as traders weighed the implications of the weekend events.
The advance puts prices on track for a 29 per cent monthly gain, the biggest since 2015, which has also been driven by dry weather parching US corn and soy crops.
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