Wheat ends at $7.84 a bushel after hitting Feb. 2023 high as corn reaches July 2023 peak
AI Market Summary
Chicago wheat and corn futures pushed to multi-year highs, but wheat is leading on acute supply risk. Escalating Russia-Ukraine Black Sea disruptions and higher shipping/insurance friction threaten a region responsible for over a quarter of global wheat exports, tightening near-term availability. Weather-related output losses in Europe and parts of the U.S. add to the squeeze, while trend-following flows may amplify volatility.
Impact level
● Medium
Affected assets
NCCOWHEAT2USD/USDT-0.03%
AI Insight · NCCOWHEAT2USD/USDTAI Insight
▲ Bullish
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Wheat futures ended Friday at $7.84 a bushel after touching their highest intraday level since February 2023, logging a 12.1% weekly rise, the biggest since March 2022. Corn settled at $5.365 a bushel after reaching a July 2023 high, and its August gain is on track to be the strongest since April 2021. Wheat is up more than 54.5% year to date amid escalating Russia-Ukraine tensions in the Black Sea region. Corn has risen 21.8% year to date, supported by tighter U.S. supply expectations.
