Grain rally after rocket fire

Wheat contracts shot up yesterday. In Paris, the front month of September gained 19.25 euros/t and closed with a settlement of 253.75 euros/t. Follow-up contracts also went up significantly, with all dates now listed above the 250 euro/t mark. The renewed targeted shelling of the port city of Odessa and rocket fire at the port of Chernomorsk are driving prices to this level. In addition to important port infrastructure, grain silos were also hit. The Ministry of Agriculture in Kiev assumes that around 60,000 tons of grain were destroyed. At the same time, the Kremlin announced that it would consider all ships that are now heading for Ukraine as potential military targets. Recent statements from Turkey not to organize any transports for Kiev also ensure that the markets will come out of a longer pause in exports of Ukrainian grain. The CBoT also went up very significantly. The September date here closed with an increase of 57 US cents/bu at 727.25 US cents/bu, which corresponds to a converted price of 238.56 euros/t.Overseas, too, the attacks on Odessa and developments relating to Ukraine's export opportunities are the main drivers of price development. However, the current weather forecasts are also a burden here, after it is likely to become drier in the summer wheat-growing areas in the further course of July than previously expected. Premarket CBoT wheat is also up again this morning. In Germany, the wheat harvest is still in the starting blocks or, depending on the region, is slowly picking up speed. While the protein levels are considered insufficient in the south, the first reports from Hesse and Thuringia are more promising.

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