US farm markets rose sharply on Friday on increasing concerns that Russia may not renew the Black Sea grain deal set to expire on May 18, as a fist fight broke out during latest negotiations.
These worries sparked another round of buying, which saw wheat prices capturing double digit gains.
Chicago SRW, indeed, added 2.36%, Kansas City HRW climbed 4.35%, and MGEX HRS rose 2.96%.
Corn prices also continued to shift higher, up 1.27%, as tensions between Russia and Ukraine.
Soybeans fared even better, up 1.32%, with soymeal finding modest gains of around 0.35%, while soyoil jumped 3.53% higher.
Spillover support from other commodities and stock markets, indeed, lent additional support.
In Europe, grain prices continued to rise, on geopolitical concerns.
Rapeseed rallied in the wake of oil and canola higher.
Oil prices rose about 4% but fell for the third straight week.
The Baltic Exchange’s main sea freight index in London edged up 0.8%.
On Wall Street, US stock indexes, rallied sharply, as a rebound in regional bank stocks eased concerns about the banking sector, and strong quarterly earnings results from Apple boosted market sentiment and gave the overall market a lift.
The DXY fell by -0.18%, as the sharp rally in stocks curbed liquidity demand for the dollar. Also, strength in GBP/USD weighed on the dollar after the British pound rallied to an 11-month high.
Notably, Chicago wheat July contract was up 15.2c/bu to 660.2c/bu;
Kansas wheat Jul contract was up 34.6c/bu to 833c/bu;
Minneapolis wheat Jul contract was up 24c/bu to 836c/bu;
MATIF wheat Sep contract, was up €4.25/t to €244/t;
Black Sea wheat June contract was down $0.25/t to $275/t;
ASX wheat Jul contract, was up A$5 to A$380/t;
US DWI Cash (durum wheat index) was up 1c/bu to 808.79c/bu;
1CWAD (Canadian durum) avg reg was down C$11.07/t to C$418.19/t;
EDW (EU durum) Sep contract, was unchanged to €364.25/t;
Chicago corn Jul up 7.4c/bu to 596.4c/bu;
MATIF corn Jun, was up €1.5/t to €230.75/t;
Soybeans Jul contract up 18.6c/bu to 1436.4c/bu;
Winnipeg canola Jul was up C$20/t to C$735.1/t;
MATIF rapeseed Aug contract, was up 10.5/t to €448.5/t;
Brent crude Jul was up US$2.80 per barrel to $75.30;
WTI crude Jun was up US$2.78 per barrel to $71.34;
BDI Baltic Dry Index, was up 13 points to 1.558;
Dow Jones was up 546.64 points to 33.674,38;
S&P 500 was up 75.03 points to 4.136,25;
NASDAQ Composite up 269.01 points to 12.235,41;
US dollar index (Jun ’23) was down 0.185 to 100.999;
AUD/USD firmer at US$0.6750;
USD/CAD weaker at $1.3374;
EUR/USD firmer at $1.1018;
USD/RUB weaker at ₽77.7850.
