Black Sea Tensions Boost US Wheat Futures Amid Weather Concerns
US wheat futures surged this week due to weather concerns and uncertainty surrounding Black Sea exports. December Chicago Board of Trade soft red winter wheat rose by $0.61 to close at $7.61 per bushel, while December Kansas City Board of Trade hard red winter wheat increased by $0.46 to $8.22 per bushel.
December CBOT corn and November CBOT soybeans also posted gains, with prices rising by $0.30 and $0.32 respectively. Basis levels for wheat classes were mixed across export regions, with some areas experiencing strengthened basis while others weakened.
The US dollar edged higher during the week, recovering from a three-month low against the euro due to expanded Iran sanctions. However, concerns about Treasury buybacks continued to weigh on the dollar.