COM - Russia threatens to quit Black Sea grains deal - Reuters

U.S. wheat futures jumped Thursday following a Reuters report that Russia may not renew the Black Sea grain export deal unless its demands are addressed by the United Nations.

Grain traders have been wary that the deal may not be renewed on concerns that Russia could weaponize the deal to allow grain shipments, similar to the way it cut off natural gas flow through the Nord Stream pipeline.

"This is the Putin effect. It looks like it's not going to be so easy to keep that export corridor open," said Don Roose, president of U.S. Commodities, told Reuters.

Chicago wheat ( W_1:COM ) for December delivery ended +1% to $8.97 per bushel, while December corn ( C_1:COM ) climbed +0.7% to $6.98 1/2 per bushel and November soybeans ( S_1:COM ) closed -0.1% to $13.96 1/4 a bushel.

ETFs: ( NYSEARCA: WEAT ), ( SOYB ), ( CORN ), ( DBA ), ( MOO )

Earlier this week, the U.S. Department of Agriculture cut its 2022-23 outlook for U.S. wheat exports by 50M bushels to 775M bushels, which would be the lowest domestic wheat exports since the 1971-1972 marketing year .

For further details see: