Wheat Pares Weekly Gain as Big Supplies Offset Black Sea Tension
- Chicago wheat futures are set for a weekly gain of 0.6%
- Prices spiked on Monday after Russian attacked key grain port
A summer wheat harvest near Kyiv on July 24.
Photographer: Andrew Kravchenko/BloombergThis article is for subscribers only.
Wheat traded in Chicago almost erased gains made earlier this week as ample supplies from big shippers offset concerns about how Ukraine, a major exporter, can ship its crop.
Prices are up only about 0.6% for the week, relinquishing most of the 8.6% jump on Monday after Russia attacked port infrastructure in the Odesa region and a port on the Danube river. Last week Russia pulled out of the agreement allowing Ukrainian crop exports through the Black Sea.