December 8, 2022
US wheat futures rise

US wheat futures rise

Wheat futures rose in overnight trade after a Russian official said a grain deal protecting agricultural products from Ukraine would be renewed, Agriculture.com reported. Dmitry Polyansky, Russia’s deputy ambassador to the United Nations, said Russia wanted to fulfill part of the deal or an extension of the deal negotiated in July was unlikely, according to an Anadolu Agency report. A news agency based in Turkey.

He did not elaborate on exactly what Russia wanted, but government officials complained about sanctions imposed on the country since it attacked Ukraine in February. A grain deal between the United Nations and Turkey expires next month.

Some 345 ships carrying 7.7 million metric tons of cargo have left Ukrainian ports as part of a deal known as the Black Sea Grain Initiative, the UN Joint Coordination Center said this week. Wheat futures for December delivery rose 11 3/4¢ to $8.53 a bushel overnight on the Chicago Board of Trade, while Kansas City futures rose 11 1/2¢ to 9.53 ¼ a bushel.

Soybean futures for November delivery added 8 cents to $13.90 ¾ a bushel. Soybean meal rose $5.80 to $407.50 a ton, while soybean oil gained 0.61 cents to $71.25 a pound. Corn for December delivery rose 3 ¾¢ to $6.81 ¾ a bushel.