BEIJING- US wheat extended gains on Thursday, after India unexpectedly banned wheat exports last week, while Russia-Ukraine war kept underpinning global grains markets.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.89 percent at $12.41-3/4 a bushel.
CBOT wheat had climbed more than 8 percent over the past two days, following India’s wheat ban and reports showing bad condition of US winter crop.
CBOT soybeans edged up 0.95 percent to $16.78-1/2 bushel, extending gains, while corn rose 0.48 percent to $7.85-1/4 a bushel.
Wheat remained firm despite reports of a record size crop of Russian wheat and estimates of more exports from the country, and the prospect of Ukraine shipping out more of the grains stuck there with the United Nations’ help.
U.N. Secretary-General Antonio Guterres said on Wednesday that he was in “intense contact” with Russia, Ukraine, Turkey, the United States and the European Union in an effort to restore Ukrainian grain export as a global food crisis worsens. — Reuters
