U.S. grains: Wheat jumps on rising Black Sea tensions, soy slips
Written by Black Hot Fire Network on March 19, 2024
Chicago | Reuters — U.S. wheat futures rose 2.7 per cent on Monday as Russia’s weekend attacks on Ukrainian ports underscored risks to exportable grain supplies from the Black Sea region, analysts said.
Short-covering added momentum. Commodity funds hold large net short positions in Chicago Board of Trade (CBOT) wheat, corn and soybean futures, leaving the market prone to short-covering rallies.
Still, soybean futures fell as the Brazilian harvest progressed, spurring farmer sales of the oilseed. CBOT corn futures ended modestly lower after a choppy session.
