COM - U.S. wheat tallies winning week ahead or Russia-Ukraine grain deal deadline

2023-03-17 20:38:14 ET

Chicago wheat futures scored their first weekly gain in five as the market awaited a renewal of the Russia-Ukraine export deal.

The main issue is the length of the extension , as the United Nations backs Ukraine's request for a 120-day rollover of the agreement allowing the export of grain from several Ukrainian Black Sea ports, while Russia wants to extend the deal for 60 days.

CBOT wheat ( W_1:COM ) delivery settled +1.5% to $7.08 1/2 per bushel Friday, while May corn ( C_1:COM ) + 0.3% to $6.35 1/2 per bushel and May soybeans ( S_1:COM ) -1% to $14.78 1/2 per bushel.

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

For the week, wheat gained more than 3%, corn climbed nearly 3% and soybeans ended with a slight loss.

The corn market is being underpinned by Chinese buying , with the U.S. Department of Agriculture making its third consecutive announcement of old-crop U.S. corn sales to China, totaling 1.92M metric tons over three days.

Chicago wheat futures fell to 18-month lows last week .

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