Futures closed yesterday's trading session with modest gains. The US wheat markets reacted to the latest news from Russia with a sharp price rally. For the May date, it went up $48.50 US cents/bushel to $852.50 US cents/bushel. Above all, many experts see the export business on the Black Sea as being in danger of further escalation, at the same time US wheat and grain from the EU in particular could position themselves more strongly on the market. Meanwhile, global demand appears to be unabated. Nieria bought 120,000 tons of wheat in the US, according to the USDA's latest data.
