Wheat Rises on Report Ukrainian Government Confirms Export Ban
This article is for subscribers only.
Wheat rose in Chicago on a report that Ukraine confirmed a ban on exports of the grain after dry weather and accelerating demand cut supplies.
Shipments will be barred as of Nov. 15, Reuters reported today, citing Agriculture Minister Mykola Prysyazhnyuk. Exports may reach 5.3 million metric tons next month, a point that threatens to exhaust Ukraine’s exportable surplus, the government said Oct. 19. Drought may cut combined wheat harvests in Ukraine, Russia and Kazakhstan by 37 percent this year, helping send global stockpiles to a four-year low, the U.S. Department of Agriculture estimates.