Wheat futures are fading at midday, down 4 to 5 cents but holding on to most of the Wednesday rally. The wheat complex was in rally mode on Wednesday, with potential restrictions on Russian exports out of the Black Sea. Chicago SRW contracts were mostly 26 to 32 1/2 cents in the green at the close. Open interest was up 8,0880 contracts, suggesting new buying interest. KC HRW futures were up 23 ¾ to 42 cents, after hitting the 45 cent daily limit during the session. Open interest was up 6,479 contracts. MPLS spring wheat was 22 to 27 1/4 cents higher on the day.
Russia and Ukraine continue to trade punches in the Black Sea and the Sea of Azov, with Russia striking a vessel and port infrastructure in Odesa (Ukraine’s main export port). Chornomorsk in particular was seeing some grain handling restrictions. Ukraine struck Russian oil refineries and claimed hits on at least 5 oil tankers.
