Wheat Market Sees Rebound Amid Black Sea Tensions
The wheat market saw a significant rebound on Friday morning, with futures trading at double-digit gains following European strength overnight.
This comes after the complex fell back lower on Thursday, slipping into the close, with Chicago SRW contracts steady to 2 ¼ cents in the red and open interest up 10,313 contracts.
The weekly Export Sales data released this morning showed net sales of 255,931 MT, which was in line with trade ideas for between 200,000 and 500,000 MT in 2026/27 sales in the week of 8/6. Mexico was the top buyer at 101,100 MT, followed by South Korea at 87,700 MT.
A recent development on the Black Sea has added volatility to the market, with Ukraine proposing a truce with Russia to stop attacking civilian targets but being rejected by Russia.