CBOT wheat gains amid fresh Black Sea attacks

Novorossiysk Commercial Sea Port PAO

04/08/2023 19:55

CHICAGO, Aug 4 (Reuters) - Chicago Board of Trade wheat
futures climbed on Friday, breaking a seven-session drop, after
a Ukrainian drone struck near a Russian grain port overnight,
reigniting supply fears, analysts said.
    * CBOT September soft red winter wheat  WU3  lifted 6 cents
to
$6.33 per bushel.
    * K.C. September hard red winter wheat  KWU3  fell 15 cents
to end
at $7.52-1/2 a bushel, while MGEX September spring wheat  MWEU3 
lost 11-1/4 cents to $8.22-1/4 a bushel.
    * For the week, the most-active Chicago wheat contract  Wv1 
ended
9.83% lower, its biggest weekly loss since the week ended June
30.
    * A Ukrainian drone attack near the Russian export hub of
Novorossiysk rekindled global grain supply fears. The port
temporarily halted all ship movement before resuming normal
operations.
    * India is considering cutting or abolishing wheat import
taxes,
Food Secretary Sanjeev Chopra said, as the world's
second-biggest producer struggles to contain prices.
    * France's farm ministry raised its estimate of the
country's 2023
soft wheat production to 35.59 million metric tons, 5.6% above
last year's volume, from an initial projection of 35 million
last month.
    * 2023/2024 Soft wheat exports from the European Union so
far
reached 2.35 million metric tons by July 30, down 13% from 2.70
million tons a year earlier, data published by the European
Commission showed.


 (Reporting by Christopher Walljasper)
 ((Christopher.Walljasper@thomsonreuters.com; 1 630 269 3072;
Reuters Messaging:
christopher.walljasper.thomsonreuters.com@reuters.net))