Wheat Futures Swing Amid Global Supply Concerns

The Chicago Board of Trade saw mixed trading in wheat futures on Thursday, with contracts opening between 2 cents higher and 5 cents lower per bushel. The attacks on grain ships and port infrastructure in the Black Sea and the Sea of Azov by Russia and Ukraine raised concerns about global supplies.

Shipowners temporarily suspended vessel arrivals at Ukraine's Black Sea ports for agricultural exports following a recent increase in Russian attacks on ports and merchant shipping, according to the country's agriculture minister. Price gains remained limited as traders took profits and sold on technical factors after most contracts reached life-of-contract highs.

Crop scouts reported an average yield of 48.0 bushels per acre in North Dakota's hard red spring wheat crop, exceeding the tour's five-year average of 43.8 bushels. The U.S. Department of Agriculture reported net U.S. wheat export sales for the week ended July 16 at 290,016 metric tons.

CBOT September soft red winter wheat last traded up 1-1/2 cents at $7.07-1/4 per bushel. Kansas City September hard red winter wheat fell 1 cent to $7.62-1/2 per bushel, while Minneapolis September spring wheat declined 1-1/2 cents to $7.27-1/2 per bushel.