CBOT wheat futures rose to 3 weeks’ high stimulated by Ukraine dam breach

Source

APK-Inform

6611

According to the results of trading on June 6, wheat futures on the CBOT exchange grew up to a three-week high - 230.6 (+1.3) USD/t in response to the destruction of the Kakhovka HPP on the Dnipro River in Ukraine as a result of a terrorist act committed by the Russian Federation. This situation strengthened concerns about the escalation of war between countries.

On the Euronext exchange, wheat futures did not significantly change, and totaled 230.25 (-0.25) EUR/t. Prices were mainly impacted by a high competition from Russian wheat at the Egyptian tender.

At the same time, the explosion of the Kakhovka HPP restrained a more significant decrease in prices for European grain, as it caused concern about the possible formation of logistical problems in Ukraine, which could negatively affect the pace of shipments of Ukrainian wheat.

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