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Wheat Holds Loss as Black Sea Exports Continue Amid Hostilities
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2023-08-15 12:49
Wheat held losses as grain shipments continued from Black Sea ports even as tensions escalated in the key

Wheat held losses as grain shipments continued from Black Sea ports even as tensions escalated in the key export region.

Benchmark futures in Chicago traded near $6.40 a bushel after sliding 1.9% on Monday. Russia opened fire on a ship over the weekend to force the vessel to stop for checks, a continuation of hostilities in the waterway after Ukrainian drones attacked Russian vessels earlier this month.

Despite the escalation, Rabobank says exports continue from both Ukraine and Russia. Wheat remains 19% lower this year due to bumper harvests.

On Friday, the US Department of Agriculture raised its estimate for Russian wheat exports to 48 million metric tons for the 2023-24 season. That means almost a quarter of the world’s trade will now come from Russia.

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