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Wheat grain is loaded into the cargo vessel Mezhdurechensk before its departure for the Russian city of Rostov-on-Don in the course of Russia-Ukraine conflict in the port of Mariupol, Russian-controlled Ukraine, October 25, 2023. REUTERS/Alexander Ermochenko
By Tarso Veloso and Ilena Peng (Bloomberg) Wheat futures climbed after a vessel preparing to load grain from Ukraine hit a mine in the Black Sea, further raising fears of an escalation in the region.
“Wheat is finding at least a bit of support again this morning on more action in the Black Sea,” Matt Zeller, senior market analyst at StoneX Financial Inc, said in a note.
Meanwhile, raw sugar jumped as much as 6.4% in New York, the biggest intraday jump since Aug. 10, 2021, showing signs of recovery after a steep slide. Futures have dropped more than 20% since an early November peak as dry weather in Brazil allowed cane harvesting and processing to continue later than usual.
But recent rainfall in Brazil’s center-south region soon could put an end to this season’s harvest, according to a Thursday ADM Investor Services note that said “the market is technically oversold and due for a correction.”
Prices
Wheat futures were up 1.2% at $6.30 per bushel at 11:50 a.m. in ChicagoSoybean futures were 0.7% lower at $13.07 per bushel
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