Buoyed by continued geopolitical concerns, wheat futures pushed to new two-month highs on Thursday.
After a string of stinging battlefield defeats in Ukraine, Russian President Vladimir Putin on Wednesday called for the mobilization of some 300,000 additional troops and hinted at the use of nuclear weapons in the conflict. The comments have raised fears of an escalating war that could threaten already tenuous grain shipments from Ukraine. On the other side, a stronger US dollar, dry weather concerns on the US southern Plains, and a higher 2022-23 global production estimate from the International Grains Council today cooled the gains. December Chicago wheat was up 7 cents to $9.10 ¾, December Kansas City added 12 ½ cents to $9.79 ½, and December Minneapolis was 13 ½ cents higher at $9.77 ¾.
Corn futures closed higher, hitching a ride on the coattails of wheat. December was 2 ¾ cents higher at $6.80 ¼ and March gained 3 cents to $6.93 ¼.
Soybeans ended a bit lower, with reports suggesting that rising US interest rates and recessionary fears undermined the market. November beans slipped 4 ¼ cents to $14.57 and January was down 3 ¾ cents at $14.63 ¼.
Source: DePutter Publishing Ltd.
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