Wheat Gains as Russian Exports Slow and Ukraine Considers Limit
Wheat gained, halting a four-day slide, on signs supplies from the Black Sea region are drying up, potentially boosting demand for U.S. grains.
Ukraine may decide to limit wheat exports temporarily at the end of November, Unian news agency reported, citing Agriculture Minister Mykola Prysyazhnyuk. Grain exports from Russia are slowing, the country’s Grain Union said yesterday.
“The sentiment in the world market remains bullish, buoyed by poor export supply prospects from the Black Sea region and deteriorating prospects for Southern Hemisphere origins -- Australia and Argentina,” Abah Ofon, an analyst at Standard Chartered Plc, said in a report today.
Wheat for delivery in March climbed 0.5 percent to $8.685 a bushel on the Chicago Board of Trade by 3:15 p.m. Paris time, after sliding for four days. Milling wheat for January delivery traded in the French capital was little changed at 270 euros ($344) a metric ton.
Wheat shipments from Russia, last year’s third-largest exporter after the U.S. and Australia, are slowing as high domestic prices made exports unprofitable, said Arkady Zlochevsky, president of Russia’s Grain Union.
“The cereal balance sheets continue to be tight for the main exporting countries,” Paris-based farm adviser Agritel wrote in a comment today.
Corn for March delivery was little changed at $7.2875 a bushel in Chicago, while soybeans for January delivery fell 0.4 percent to $14.1375 a bushel.
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