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WHEAT PRICES SOAR FOLLOWING RUSSIA'S INVASION OF UKRAINE
Feb. 24, 2022
Agri-Pulse reports:
Prospects of a broader Russian invasion of Ukraine are pushing up U.S. wheat futures on concerns the crisis could affect exports from the two countries.
The Kansas City March wheat futures contract for hard red winter closed Wednesday at nearly $9.14 per bushel - up nearly 32 cents for the day. Likewise, the Minneapolis March contract for spring wheat rose nearly 15 cents Wednesday to close at $10.01.
By way of comparison, the Kansas City March HRW wheat futures contract closed on Feb. 3 at $7.50 per bushel.
"It's about 29% of the global wheat exports that come out of the Russia-Ukraine region, so it's a big deal if - and it's still a big if - wheat exports get disrupted," says StoneX analyst Ryan Turner. "The rest of the world ... would have to pick up the slack and that's why the markets are running higher."
Keep in mind: USDA's Foreign Agricultural Service predicted earlier this month that Ukraine would export a record-breaking 24 million metric tons of wheat this year.
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