Grain Market Sees Double-Digit Gains Amid Ongoing Black Sea Disruptions
The grain market saw significant gains on Friday, with wheat leading the charge higher. This followed news that Russia had rejected Ukraine's peace proposal, which had put pressure on markets the previous day.
Managed money buyers returned to several markets, including corn and soybeans, as a result of the rejection. Taiwan booked US wheat overnight, while major crop buyers in Asia are turning to other suppliers due to ongoing attacks in the Black Sea.
The Black Sea remains closed for business after Ukraine's drone attack earlier this week, with Russia's Novo port remaining shut down. Ukraine added another port closure to its list with Ust-Luga, one of Russia's major ports on the Baltic Sea.
US and European wheat markets rallied double digits, with the US being the strongest market. Funds took long positions in KC and Chicago anticipating further shipping disruptions this weekend.