Wheat futures on the CBOT rose from a two-week low on Thursday on concerns about the risks of supply from Ukraine

Wheat futures on the Chicago Board of Trade rebounded from a two-week low on Thursday on concerns about supply risks due to the war in Ukraine.

Yesterday, a number of publications reported that Ukraine had suspended the use of the corridor due to the possible threat of sea mines. Ukraine’s Deputy Prime Minister denied that the new Black Sea export corridor had been suspended.

“The strength of wheat is now in unreliable supplies from the Black Sea,” said Don Roose, president of Iowa-based brokerage US Commodities, Reuters reports.

The most active CBOT wheat contract was up 8-1/4 cents at $5.76-3/4 per bushel by 1700 GMT, after earlier falling to its lowest price since October 12 at $5.63-1.

Futures for corn and soybeans CBOT fell as traders watched forecasts of favorable rains in Brazil and Argentina after the drought slowed planting. Brazil’s overnight rains were a bit disappointing, Roose said.

“All eyes are on the weather in South America,” he said. “There is still a chance of rain in the next few days.”

The USDA reported private sales of 110,000 metric tons of U.S. soybeans to China.

The USDA separately reported that U.S. soybean export sales in 2023/24 for the week ended October 19 totaled 1,378,200 metric tons, in line with trade expectations. Weekly export sales of corn from the United States in the amount of 1 351 100 tons in 2023/24 exceeded forecasts of 600 000-1 200 000 tons.

CBOT soybean futures fell 6 cents to $12.82-1/4 per bushel after falling earlier to the lowest price since October 13. Corn futures remained unchanged at $4.80 per bushel.

Tags: Ukraine, prices, wheat