Chicago | Reuters – Chicago Board of Trade wheat futures finished stronger on Tuesday after Ukrainian officials said Russian air strikes damaged infrastructure at the port of Odesa, a day after Moscow quit the Black Sea grain export deal.
The strikes diminished some expectations that Russia may still renew the export deal, analysts said.
Markets had been expecting the Ukrainian shipping deal to be canceled and Moscow’s decision to leave on Monday had largely been priced in already, traders said.
The United Nations on Tuesday said there are a “number of ideas being floated” to help get Ukrainian and Russian grain and fertilizer to global markets.
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CBOT September soft red winter wheat WU3 settled up 17 cents at $6.70-3/4 per bushel.
Spillover support from gains in CBOT soybeans and corn, along with money flowing into the markets, helped support prices, analysts said.
K.C. September hard red winter wheat KWU3 rose 12 cents to end at $8.27-1/4 a bushel, while MGEX September spring wheat MWEU3 dipped 3/4 cent to $8.77-1/2 a bushel.
A bigger-than-expected increase in condition ratings for the U.S. spring wheat crop weighed on MGEX futures, analysts said.
–Reporting for Reuters by Tom Polansek; editing by Jonathan Oatis.
