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Continued geopolitical tensions in the Black Sea have raised concerns about disruptions to Black Sea grain exports ; further drought in the U.
S.winter wheat-producing regions threatens winter wheat growth and spring wheat planting prospects .
May soft red winter wheat futures on the Chicago Board of Trade (CBOT) settled at around 804 cents a bushel on Friday, unchanged from a week ago
.
May hard red winter wheat futures on the Kansas City Futures Exchange (KCBT) settled at around 840 cents a bushel, up 13 cents, or 1.
60%, from a week ago
.
May hard red spring wheat futures on the Minneapolis Grain Exchange (MGEX) settled at around 961.
25 cents a bushel, up 3.
75 cents, or 0.
4%, from a week ago
.
Euronext's March 2022 milling wheat futures were quoted at about 271.
75 euros/ton, up 3 euros or 1.
1% from a week ago, and the May futures closed at about 275.
75 euros/ton
.
The spot price of Argentine wheat was $310/ton, up $2 or 0.
6% from a week ago, FOB price
.
.
May hard red winter wheat futures on the Kansas City Futures Exchange (KCBT) settled at around 840 cents a bushel, up 13 cents, or 1.
60%, from a week ago
.
May hard red spring wheat futures on the Minneapolis Grain Exchange (MGEX) settled at around 961.
25 cents a bushel, up 3.
75 cents, or 0.
4%, from a week ago
.
Euronext's March 2022 milling wheat futures were quoted at about 271.
75 euros/ton, up 3 euros or 1.
1% from a week ago, and the May futures closed at about 275.
75 euros/ton
.
The spot price of Argentine wheat was $310/ton, up $2 or 0.
6% from a week ago, FOB price
.
Continued tensions in Ukraine keep wheat prices at risk premium
Russia and the West continue to engage in a war of words over Ukraine
.
A possible Russian invasion on February 16, predicted by the Ukrainian president on social media a week ago, has not materialized
.
The Russian Ministry of Defense released a video showing that some troops participating in the exercise have returned to their bases
.
But that doesn't stop U.
S.
President Joe Biden from insisting that Russia will still attack Ukraine soon, even though he said so a week ago
.
Subsequently, Russian media reported that the Ukrainian army carried out multiple shellings on the eastern autonomous armed forces
.
Since Russia and Ukraine are both the world's major wheat exporters, market investors are still willing to retain the risk premium in wheat prices until the Russian-Ukrainian crisis is resolved
.
.
A possible Russian invasion on February 16, predicted by the Ukrainian president on social media a week ago, has not materialized
.
The Russian Ministry of Defense released a video showing that some troops participating in the exercise have returned to their bases
.
But that doesn't stop U.
S.
President Joe Biden from insisting that Russia will still attack Ukraine soon, even though he said so a week ago
.
Subsequently, Russian media reported that the Ukrainian army carried out multiple shellings on the eastern autonomous armed forces
.
Since Russia and Ukraine are both the world's major wheat exporters, market investors are still willing to retain the risk premium in wheat prices until the Russian-Ukrainian crisis is resolved
.
So far, however, Ukrainian wheat exports have not been affected
.
The pace of Ukrainian wheat exports remained strong in the week ended Feb.
14, with total Ukrainian wheat exports reaching 17.
5 million tons as of Feb.
14, up 33 percent year-on-year
.
But Ukrainian wheat export prices fell by $13 a ton over the past month on concerns that an escalating conflict between Russia and Ukraine could threaten Black Sea wheat exports
.
Logistics issues such as port closures due to heavy snow also weighed on Ukrainian wheat prices
.
.
The pace of Ukrainian wheat exports remained strong in the week ended Feb.
14, with total Ukrainian wheat exports reaching 17.
5 million tons as of Feb.
14, up 33 percent year-on-year
.
But Ukrainian wheat export prices fell by $13 a ton over the past month on concerns that an escalating conflict between Russia and Ukraine could threaten Black Sea wheat exports
.
Logistics issues such as port closures due to heavy snow also weighed on Ukrainian wheat prices
.
Australian wheat exports pick up pace
Southeast Asian wheat buyers have stepped up inquiries for Australian wheat as Russia and the West continue their standoff over Ukraine
.
Geopolitical tensions in the Black Sea are prompting end-users to increasingly consider buying Omega as a safe option beyond July
.
So far this year, China has become the number one buyer of Australian wheat, with Australia exporting 1.
6 million tonnes to China from October to December 2021, followed by Indonesia (680,000 tonnes)
.
.
Geopolitical tensions in the Black Sea are prompting end-users to increasingly consider buying Omega as a safe option beyond July
.
So far this year, China has become the number one buyer of Australian wheat, with Australia exporting 1.
6 million tonnes to China from October to December 2021, followed by Indonesia (680,000 tonnes)
.
Sydney-based IKON Commodities this week raised its 2021/22 Australian wheat output to a record 39 million tonnes, as above-average yields in key producing regions
.
The latest wheat production figures are 1.
8 percent or 700,000 tonnes above earlier forecasts
.
This compares with 2020/21 Australian wheat production of 35.
3 million tonnes and a ten-year average of 24.
5 million tonnes
.
.
The latest wheat production figures are 1.
8 percent or 700,000 tonnes above earlier forecasts
.
This compares with 2020/21 Australian wheat production of 35.
3 million tonnes and a ten-year average of 24.
5 million tonnes
.
Drought in U.
S.
Plains Wheat Regions
S.
Plains Wheat Regions
At present, the winter wheat crop in the Great Plains of the United States is in the wintering period.
Although there has been rain in some areas recently, the weather is still dry in most areas
.
The U.
S.
Drought Monitor report showed that in the week ended February 15, the area of drought in the U.
S.
Midwest and Great Plains expanded and the intensity of drought increased
.
The moderate drought rating for central Kansas was raised to severe
.
A low pressure system will form on February 17, heading northeast into the Ohio Valley and the northeastern U.
S.
, with widespread snowfall over the central Great Plains and Midwest that could exceed 6 inches
.
Although there has been rain in some areas recently, the weather is still dry in most areas
.
The U.
S.
Drought Monitor report showed that in the week ended February 15, the area of drought in the U.
S.
Midwest and Great Plains expanded and the intensity of drought increased
.
The moderate drought rating for central Kansas was raised to severe
.
A low pressure system will form on February 17, heading northeast into the Ohio Valley and the northeastern U.
S.
, with widespread snowfall over the central Great Plains and Midwest that could exceed 6 inches
.
