Black Sea

DuWayne Bosse of Bolt Marketing says the wheat market was trying to extend gains early Thursday but may be getting close to pricing the Black Sea export disruptions in.

Oliver Sloup Blue Line Futures, says wheat prices skyrocketed adding risk premium on concerns about the escalating Black Sea war and the disruptions it is causing in the export market. It could have more upside left.

Wheat futures were up 30 to 35 cents early Wednesday adding risk premium as Russia and Ukraine attacks have escalated says Jamie Gieseke with Paradigm Futures.

Matt Bennett, AgMarket.Net, says wheat was up for a third day continuing to see short covering by managed money traders and adding war premium. However, corn could not follow with soybeans as an anchor.

The Kremlin said there was no link between the attack and suspending the deal, which lets Ukraine export grain through the Black Sea. Instead, it occurred over a failure to ease rules for food and fertilizer exports.

Several grain companies announced plans to stop Russian grain exports as of July 1. As Russia tries to take control of its domestic grain industry, analysts think it will ultimately hurt Russian grain farmers.