The wheat complex is rallying across the three markets on Friday following more Black Sea news. Chicago SRW contracts are up 23 to 25 cents on Friday. KC HRW futures are leading the rally, with contracts up 35 to 36 cents. MPLS spring wheat are rallying 17 to 19 cents across most nearby contracts.
Russia rejected the Ukrainian proposal for a ceasefire in the Black Sea region on civilian vessels and port infrastructure. Recent increases in strikes on export infrastructure has led to limited shipments out of key ports in the Black Sea in a period where wheat shipments typically ramp up after harvest for one of the world’s key wheat exporting regions.
