Chicago wheat futures prices are up 1.2% this morning, their highest level in nine years. The shrinking deliveries from the world's leading exporters supported the market.
Soybean and corn rates are currently rising for the first time in three sessions.
"There is a problem getting good quality wheat," said a Singapore-based trader for an international trading company.
"The uncertainty about Russian deliveries and rainfall in Australia are a matter of concern."
The International Grains Council lowered its forecast for global wheat production in 2021/22 last week, underscoring concerns about dwindling inventories.
Heavy rains in Australia have compounded delivery worries by threatening to damage the bumper crop that would help replenish export availability.
Source
Hansa Terminhandel GmbH