Toltek/iStock via Getty Images
Chicago wheat futures posted their first weekly gain in five as the market awaited the renewal of the export deal between Russia and Ukraine.
The main problem is the duration of the extension.since the United Nations endorses Ukraine’s request for a 120-day extension of the agreement allowing the export of grain from various Ukrainian Black Sea ports, while Russia wants to extend the agreement for 60 days.
CBOT Wheat Delivery (W_1:COM) Settled +1.5% at $7.08 1/2 a bushel on Friday, while May corn (C_1:COM) +0.3% at $6.35 1/2 per bushel and May soybeans (S_1:COM) -1% at $14.78 1/2 per bushel.
ETFs: (NYSEARCA:WEAT), (CORN), (SOY), (DBA), (MOO)
For the week, wheat gained more than 3%, corn rose nearly 3% and soybeans ended a slight loss.
The corn market is being backed by Chinese purchaseswith the US Department of Agriculture making its third consecutive announcement of US old crop corn sales to China, totaling 1.92 million metric tons in three days.
Chicago wheat futures fell to 18-month lows last week.
