(Bloomberg) --Wheat fluctuated after hitting a two-year high in the previous session as traders weighed Black Sea supply risks against weak US export data.
Most-active futures in Chicago dipped as much as 1.2% before paring those losses. On Thursday, prices had climbed to the highest since May 2024 before ending the session lower after the US Department of Agriculture reported weekly export sales of just 235,000 tons, the lowest level since May.
Russia-Ukraine tensions continued to underpin the market. “The situation on the Black Sea basin remains extremely sensitive. However, the absence of new elements and prices approaching resistance levels of $7 a bushel in wheat has led to profit-taking,” Argus analysts wrote in a note.
