Fresh conflict between the Ukraine and Russia resulted in the highest wheat futures in eight weeks in Chicago. These renewed overseas tensions are responsible for the mounting concerns that supplies from the Black Sea region will be disrupted. According to Reuters, on Thursday the Ukraine's president Petro Poroshenko said Russian forces emerged in his country and threatened multiple areas. Russian-backed separatists had also entered the southeastern city of Novoazovsk on the Sea of Azov coast.
Bloomberg reports that the Ukrainian president held an emergency security meeting to defend against this "de facto" Russian invasion. Speculators trimmed bets on lower prices for three consecutive weeks after the U.S. Department of Agriculture said on Aug. 12 that 21 percent of global exports will be from Ukraine and Russia, reports Bloomberg.
Grain exports continued at their high levels through August at 2.17 million tons between the period of Aug. 1 to 26. Agriculture consultancy UkrAgroConsult reported that wheat accounted for 1.19 million tons of this export on Thursday. Chicago Board of Trade wheat delivery for December, the most actively traded, was up 1.9 percent to $5.72-3/4 a bushel, after climbing 1.4 percent in the last two sessions, according to Reuters.
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