On Friday, February 20, U.S. wheat futures continued to rise, supported by active short-covering. European wheat prices also followed an upward trend amid concerns over crop conditions after a new wave of frosts, ProAgro Group reports.

The May wheat futures contract on the Chicago Board of Trade (CBOT) jumped by $5 to $213.2 per tonne. On Euronext, the corresponding wheat contract gained $4.9, reaching $234.3 per tonne.

According to Barva Invest, the Ukrainian wheat market saw a price correction due to a decline in the number of active buyers, particularly exporters. Most of them have already covered their needs under current contracts and are temporarily inactive amid holidays in the Middle East. As a result, wheat with 11.5% protein was bid at $213–217 per tonne DAP at deep-sea ports, compared with $215–217 per tonne a week earlier.

Corn futures on the Chicago exchange also ended Friday’s session higher, supported by steady U.S. export activity. The May corn futures contract on CBOT rose by $1.4 to $173.1 per tonne. On Euronext, June corn contracts increased by $2.5 to $226.5 per tonne.

On the Ukrainian market, corn prices continued to heat up earlier last week amid strong trader demand. However, by Friday some of the most active participants had already covered their needs. At deep-sea ports, corn prices on a DAP basis slipped to $208–213 per tonne, down from $213–215 per tonne a week earlier.

As reported earlier, the global corn market currently has only two active sellers — Ukraine and the United States. While the U.S. is mainly operating in the forward segment with April–May deliveries, Ukraine remains the key supplier of spot corn with February–March shipments, driving increased importer interest in Ukrainian grain in the short term.