“Prices shook off early weakness, jumping out to gains of $.16-$.18. CGO Sept-26 was up $.15 ¾ at $6.80 ¼, KC Sept-26 was $.18 ¼ higher at $7.62 while MIAX Sept-26 was up $.17 ¾ at $6.94. Russian military claims to have struck 2 dry cargo ships near Ukraine’s port of Odesa and fuel tanks in the port of Chornomorsk, while Ukraine struck at least 5 grain ships near the Russian ports of Novorossiysk and Tuapse. All grain terminals in Novorossiysk remain closed. Analysts at Rusagrotrans lowered their Russian wheat export forecast in August to only 1.8 mmt, down 60% YOY and if realized would be the lowest figure for the month since 2010. A grain consultant in Ukraine fears their wheat exports in 26/27 could fall somewhere between 5-10 mmt, down from a range of 14-21 mmt over the past decade. Last week the USDA lowered their forecast 1 mmt to 13.5 mmt.,” pointed out Mark Soderberg with ADM Investor Services.
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