WEAT - Wheat surges after Ukraine attacks Russian Black Sea export hub

2023-08-04 07:55:04 ET

• Wheat rose more than 3% early Friday on the Chicago Board ofTrade following Ukrainian drone attacks near the Black Sea port of Novorossiysk, a major hub for Russian grain exports, closing the port for several hours.
• Russia also uses the port for exporting oil from its oil fields and those in Kazakhstan to world markets; crude oil trades modestly higher, up ~0.5%.
• The strike came after Russia hit several port and grain terminal targets along Ukraine's Black Sea coast and along the Danube River, degrading Ukraine's capacity for exporting grain.
• The most-active Chicago wheat contract ( W_1:COM ) recently traded +3.2% to $6.47 1/2 per bushel, while corn ( C_1:COM ) +2% to $5.03 1/2 per bushel and soybeans ( S_1:COM ) +1.3% to $13.42 3/4 per bushel.
• ETFs: ( NYSEARCA: WEAT ), ( CORN ), ( SOYB ), ( DBA ), ( MOO ), ( USO )

For further details see: