Chicago Board of Trade soft red winter wheat futures rose Tuesday in a technical bounce after the spot March contract fell to its lowest in more than two months, traders said. Concern about renewed hostilities in the Black Sea grains export region added support. Ukrainian army units came under attack from Russian regular forces in eastern Ukraine and heavy fighting was taking place, a Ukrainian military spokesman said.
MGEX spring wheat followed Chicago higher, but K.C. hard red winter wheat futures rose only modestly as forecasts for beneficial moisture in the Plains this week bolstered crop yield prospects. The USDA reported export inspections of US wheat in the week ended January 15 at 310,307 tonnes, in line with trade expectations of 250,000 to 375,000 tonnes.
Russia may consider banning grain exports altogether if informal trade restrictions already in place fail to benefit the economy as hoped, a senior minister said on Monday. Russia still has about 1.65 million tonnes of wheat available for export in 2014/15, data from the Agriculture Ministry showed, raising the possibility that these volumes would be allowed to leave the country despite export curbs.