Wheat Jumps 34 Cents as Black Sea Fighting Lifts Corn and Soybeans
Updated
Updated · Agweb Powered by Farm Journal · Aug 14
Wheat Jumps 34 Cents as Black Sea Fighting Lifts Corn and Soybeans
3 articles · Updated · Agweb Powered by Farm Journal · Aug 14
Summary
Winter wheat futures surged 22 to 34 cents Friday, leading a broad grain rally as escalating Black Sea fighting raised fears that wheat and even corn exports could be disrupted.
Corn followed wheat higher, with USDA's latest balance sheet showing ending stocks down 137 million bushels from July to 1.653 billion and the stocks-to-use ratio tightening to 10.1%.
Soybeans also gained, supported by weather worries and steady Chinese buying, including another 5.0 million bushels of new-crop U.S. beans, though futures still struggled to clear $12.
Naomi Blohm said wheat would need a fresh catalyst to break July highs, while corn may trade sideways after closing above $4.75 resistance, with $4.90 and $5 the next hurdles.
Late-August farmer selling and contract rolling could pressure grains even after WASDE reinforced support, while livestock lagged as cattle futures fell on Tyson plant closure news and fund selling.
With Black Sea ports under fire and EU rivers drying up, what hidden catalyst could suddenly shatter the grain market's fragile ceiling?
With US wheat production hitting historic lows and El Niño looming, what unseen climate shock is the commodity market completely ignoring?
As meatpackers shutter plants and funds flee cattle, could an impending technical collapse permanently alter the balance of power in American agriculture?