Wheat is extending strength to Thursday morning, with contracts up 4 to 7 cents across the three markets. The wheat complex rallied on Wednesday with escalating tensions out of the Black Sea. Chicago SRW contracts were up the 45 cent limit in the front months and other contracts up 26 to 44 cents. Open interest was up 5,713 contracts, suggesting new buying. KC HRW futures were 17 to 38 cents higher across most contracts at the midweek close. OI was up 4,308 contracts. Both KC and CBT wheat markets will have expanded limits of 70 cents today. MPLS spring wheat was up 16 to 28 cents.
On Wednesday, a report suggested that Russia is looking to escalate the Black Sea conflict with Ukraine, adding concerns that wheat export flows out of the region will be suppressed in the near-term.
