On February 27, the last trading day of the previous week, U.S. wheat futures posted significant gains, mainly supported by escalating geopolitical tensions, ProAgro Group reports. Fundamental weather risks remain relevant, although they are currently not the primary focus of market participants.
The May wheat futures contract on CBOT jumped by $6.2 to reach $217.3 per tonne. On Euronext, the corresponding contract increased by $4.7 to $238 per tonne.
According to Barva Invest, the Ukrainian wheat market remained active, with most buyers focused on feed wheat and third-class milling wheat, while prices for second-class wheat were largely nominal. Wheat with 11.5% protein content was offered at $215–219 per tonne DAP in deep-water ports, compared to $213–217 per tonne a week earlier.
U.S. corn futures were also supported by related markets and a flash sale from the United States to an undisclosed destination, commonly associated with China. The May corn futures contract on CBOT rose by $2 to $176.6 per tonne. On Euronext, June contracts increased by $5.6 to $233 per tonne.
In Ukraine, demand for corn in the direction of ports remained strong, while supply appeared relatively limited. Prices stayed at elevated levels but did not reach previous highs. In deep-water ports, corn was traded at $211–213 per tonne DAP, compared to $208–213 per tonne the previous week.
As previously reported, the full-scale war continues to create systemic challenges for Ukraine’s agricultural sector, including power outages, logistical constraints, labor shortages and rising costs.
