![]() Other grain futures have been on the rise since the fighting in Ukraine began. In that marketing year, Russia exported 39.1 million metric tons of wheat. Russia was the world’s leading exporter of wheat in the last full marketing year ended June 2021, according to data from the U.S. “Importers will draw down their own domestic stocks and scour the world for additional supply for April/May.” “The short squeeze in wheat has been breathtaking as the world lost 30% of its export capacity due to Russia’s war on Ukraine and closure of Black Sea supplies,” agricultural research firm AgResource said. Helping accelerate wheat’s uptick, grain traders say, is a sizable squeeze in short positions that were held before the war in Ukraine began. It comes after wheat posted an uptick of more than 40% in the past week- breaking a record set in 1975. The increase again hit the exchange’s limit for how much the price could move in a day. ![]() ![]() The continuous wheat contract on the Chicago Board of Trade is up 7% to $12.94 per bushel Monday. ![]() ![]() wheat futures have climbed past record highs set in 2008, with fears about the absence of Russian or Ukrainian wheat from the world export market driving them higher today. ![]()
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