Good afternoon and welcome to Markets Desk.
Wheat led the grain complex sharply higher on Wednesday as Black Sea escalation stoked fresh export concerns. Chicago soft red winter contracts closed twenty-six to thirty-two and a half cents in the green, with Kansas City hard red winter futures gaining as much as forty-two cents in the front months. The move was decisive and demand-driven.
Corn caught that tailwind and ran with it, posting gains of five to nine cents across the board despite a softer ethanol grind signal out of the Energy Information Administration. Spillover buying from near-limit wheat gains was simply too strong to resist, and the national average cash corn price settled nine cents higher at four dollars and seventeen and three quarter cents a bushel.
Elsewhere in soft commodities, arabica and robusta coffee prices edged higher as the Brazilian real climbed to a four-week high against the dollar. A stronger real discourages Brazilian exporters from selling into the global market, tightening near-term supply expectations. Arabica settled up just over a fifth of a percent while robusta gained one point six one percent on the session.
That's the tape. Markets Desk, signing off the floor.
