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Chicago grains close week higher on export demand and Black Sea jitters in US

Updated Mar 20, 2023
Chicago wheat and corn futures posted weekly gains for the first time in five weeks, ending stronger on Friday on high demand for U.S. corn exports and market jitters over the extension of a wartime Black Sea grain deal. Chicago Board of Trade May soft red winter wheat WK3 settled up 11-1/2 cents at $7.10-1/2 per bushel, with the most-active contact Wv1 marking weekly gains for the first time in five weeks.
CBOT May corn CK3 also settled up 1-1/2 cent at $6.34-1/4 per bushel, with the most-active contract Cv1 making weekly gains for the first time in the same period. The U.S. Department of Agriculture (USDA) made its fourth consecutive daily announcement of old-crop U.S. corn sales to China, totalling 2.1 million tonnes over four days. “I think we’ll continue to see corn exports ramp up and I think that’ll help support the corn prices,” said Jack Scoville, analyst at Price Futures Group in Chicago. A weaker dollar lent some support to U.S. commodities as risk appetite returned following steps this week to shore up the banking sector.FRX/ Grain markets were also monitoring talks to maintain a shipping channel from Ukraine, with a Russian push for a reduced duration creating doubt ahead of a Saturday deadline. Ukraine insists on a 120-day extension of an agreement allowing the safe export of grain from Black Sea ports, Prime Minister Denys Shmyhal said, after the Kremlinearlier ...
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