Wheat Prices Rise After US Diplomatic Attempts Falter
Chicago wheat futures jumped on Tuesday as hopes faded for a U.S. diplomatic effort to end the war in Ukraine, which has disrupted Black Sea grain shipments, analysts and traders said.Corn and soybean futures chopped up and down as traders adjusted positions ahead of Friday's U.S. Department of Agriculture supply and demand report.The most-traded wheat contract on the Chicago Board of Trade was 4-3/4 cents higher to $7.38-3/4 per bushelas of 11:00 a.m. CT (1600 GMT). It had jumped as high as $7.63 in earlier overnight trade.CBOT corn fell 2-3/4 cents to $5.34 a bushel…
Seventy Vessels Wait to Load Grain Near Sulina Canal
Up to 70 vessels are waiting near the Danube's Sulina Canal for access to Ukrainian ports to load grain for export, traders and analysts said on Wednesday, with a shortage of pilots and priority given to other cargoes creating long delays.After Russian attacks effectively blocked Ukraine's Black Sea ports, which had handled 90% of the country's grain exports, some shipments were rerouted through Danube river ports, which have much lower capacity.Grain cargoes are competing for access with higher-priority shipments such as fuel, slowing exports.
Ukraine Explores Alternative Grain Routes
Alternative grain export routes from Ukraine will reach required capacity at the end of August at the earliest, its agriculture minister said, warning they would cover only half of volumes handled by Black Sea ports disrupted by Russian attacks.Russia has intensified missile and drone attacks on foreign-flagged civilian vessels in the southern Odesa port hub, which handles most of Ukraine's grain shipments.The situation endangers exports of around half of this year's grain and oilseeds forecast total…
CBOT Wheat Prices Rise As Russia, Ukraine Conflict Threatens Exports
Chicago Board of Trade wheat futures rose on Monday, reversing earlier weakness on fears that intensified fighting between Russia and Ukraine would further disrupt Black Sea exports.Corn and soybean futures turned higher, though prices remained under pressure as crude oil tumbled on prospects for a deal between the U.S. and Iran, along with a spate of recent rainfall across parts of the U.S. Midwest.Corn futures ticked higher on support from the wheat market, where a technical bounce was also bolstered by a spate of weather worries…
Russian Grain Lobby Warns Black Sea Attacks Threaten Grain Security
Russia's main grain lobby group warned on Friday that Ukrainian drone attacks on Russian ships and ports could shut down grain exports via the Black Sea in the near future, pushing up prices and causing hunger in Africa and the Middle East.Russia, the world's largest wheat exporter, and Ukraine, also a major agricultural exporter, have been attacking each other's agricultural export facilities and commercial vessels in the Black Sea area in recent weeks.Russia's Union of Grain…
Cooperative Ventures Invests in OpenTug, Furthering Agricultural Shipping Logistics
Cooperative Ventures has announced an investment in OpenTug, an AI-native logistics technology company specializing in inland and coastal marine transportation. Cooperative Ventures, a joint venture between CHS Inc. and GROWMARK, focuses on investing in agtech startups and developing mutually beneficial commercial relationships between startups and partners. In addition to Cooperative Ventures investment in OpenTug, CHS is working to implement the barge management system to build…
Russian Wheat Export Prices Soar Amidst Escalating Hostilities
Russian wheat export prices surged last week amid difficult shipping conditions in the Black Sea and a new wave of attacks in the Strait of Hormuz, analysts said on Monday.Forecasts for July wheat shipments from Russia continued to fall, even as domestic wheat prices declined sharply across all regions this week, they added, noting that weak demand at the Azov Sea and Volga terminals was impacting domestic prices.Shipping from Russia’s shallow-water ports on the Black Sea has remained restricted “for safety reasons” since July 10 amid drone strikes in the wider area…
10 Dead in Russian Missile Strike on Corn Ship in Black Sea
A Russian missile strike on a ship carrying corn near Ukraine's southern port of Odesa killed 10 people, Ukrainian officials said on Monday, in the deadliest attack in a weeks-long flare-up of violence in the Black Sea.Russia hit the Golden Leo – a Guinea-Bissau-flagged ship manned by a crew from India and Syria – with three cruise missiles, causing a fire on Sunday, Ukraine's navy wrote on the Telegram messaging app.A Reuters witness in Odesa saw smoke billowing from a vessel off the coast on Sunday…
