“Prices were steady to $.03 higher closing $.09-$.15 off session highs across the 3 classes. Early strength was attributed to speculative buying as traders lighten up on recently established short positions while heavy rain across the S. Midwest threaten the winter crop just ahead of harvest. CGO July-26 was up $.02 ¼ at $5.87 ½ after briefly trading above the $6 level and its 100-day MA resistance at $5.99. KC July-26 traded to its highest level in a week before pulling back. MIAX July-26 traded to a 3 ½ month low. Also supporting wheat prices are reports from Ukraine’s largest farmer union UAC stating that damage to grain export terminals along the Black Sea from Russian missile attacks have been extensive and may threaten shipments of key agricultural goods. Export sales are expected to range from 5-20 mil. bu.,” pointed out Mark Soderberg with ADM Investor Services.
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