CBOT wheat tumbles 6% after Russia returns to Black Sea grain deal
02/11/2022 19:31
CHICAGO, Nov 2 (Reuters) - Chicago Board of Trade wheat
futures plunged more than 6% on Wednesday after Russia said it
would resume its participation in a deal to export grain from
war-torn Ukraine, after suspending it over the weekend in a move
that had sent wheat futures surging higher.
* CBOT December soft red winter wheat WZ2 settled down
56-1/2
cents at $8.46 per bushel after dipping to $8.37-3/4, one tic
away from the contract's 65-cent daily limit.
* K.C. December hard red winter wheat KWZ2 ended down
49-3/4
cents at $9.40-1/4 a bushel and MGEX December spring wheat
MWEZ2 fell 40-1/2 cents to finish at $9.49-1/4.
* European wheat futures also plunged. Benchmark December
milling
wheat BL2Z2 on Paris-based Euronext ended down 16.5 euros or
4.6% at 341.25 euros a tonne, nearly filling a gap marked at the
open on Monday.
* Lloyd's of London insurer Ascot resumed quoting on its
cargo
insurance facility for the Black Sea grain corridor, after
Russia announced it would resume its participation in the
accord.
* Ahead of Thursday's weekly export sales report from the
U.S.
Department of Agriculture, traders expected the government to
report export sales of U.S. wheat in the week ended Oct. 27 at
200,000 to 600,000 tonnes.
(Reporting by Julie Ingwersen; Editing by Paul Simao)
((Julie.ingwersen@thomsonreuters.com; 1-312-408-8710; Reuters
Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))