Wheat Prices Rebound from Thursday's Gains Amid Black Sea Tensions

Wheat prices are reversing some of Thursday's gains on Friday morning. This comes after a strong performance in the wheat complex across three exchanges, driven by increased Black Sea tensions.

The Chicago SRW contracts saw gains ranging from 2 ¾ to 7 ½ cents at the close on Thursday, with open interest down 6,949 contracts suggesting short covering.

Meanwhile, KC HRW futures were up 5 1/4 to 8 1/2 cents on the day, with open interest rising 4,569 contracts. MPLS spring wheat also saw gains of 6 ½ to 7 1/2 cents.

A Ukrainian drone strike on a Russian grains export terminal in Taman on the Kerch Strait overnight caused significant damage, further contributing to market volatility.