Wheat prices hit record levels amid war in Ukraine

Russia continues to increase the number of victims and destruction in Ukraine, but the entire civilized world is trying to support Ukraine and strengthen Russia’s isolation.

Yesterday, a plane from Russian territory fired rockets at Freedom Square in Kharkiv (this symbolizes what Putin is fighting), which led to the death of peaceful Russian-speaking residents, whom, according to the Kremlin authorities, Russian soldiers came to liberate from the Nazis.

The tough resistance of the Ukrainian army leads to significant losses of Russians in equipment and personnel, but this never bothered the Russian generals. Russia does not recognize its losses and will not take away the background of the dead, although Ukraine has already created a website to search for the dead Russian military.

The total estimated losses of the enemy from 24.02 to 02.03 were:

• personnel – 5840 people,
• aircraft-30 units,
• helicopters – 31 units,
• tanks ‒ 211,
• BBM-862,
• artillery systems-85,
• air defense systems-9,
• MLRS-40,
• fuel and lubricants tanks-60,
• Operational-tactical level UAV – 3,
• boats – 2 units,
• automotive equipment-355.

The data is being updated. Counting is complicated by the high intensity of military operations.

The sanctions imposed against Russia and the risks of falling under secondary sanctions for cooperation with the aggressor will practically stop the export of even such important items for the world market as oil and wheat from Russia. As they say now in Ukraine – Russian wheat goes after the Russian warship.

Yesterday, wheat quotes on world stock exchanges rose by 6-7%, as traders understand that the volume of Russian wheat supplies will not recover soon, and other exporters will benefit from the lack of exports from Ukraine and Russia.

• March European wheat futures on Paris ‘ Euronext rose 28.75 €/ton yesterday to 351.25 €/ton or 3 390.6/ton, adding 21% since the beginning of the week.

In Chicago, wheat prices crossed the psychological mark of 1 10/bushel.

On the US stock exchanges, March futures rose yesterday:

• by 5.3% or 1 18.4 / ton to Чикаго 361.6 / ton for soft winter SRW wheat in Chicago,
• by 5.2% or 1 18.4/ton to 3 368.5 / ton for hard winter HRW wheat in Kansas City,
• by 6% or 2 21.95 / ton to 3 389.4 / ton for hrs durum wheat in Minneapolis,
• by 7.6% or 2 25.25/ton to 3 357.75/ton for Black Sea wheat in Chicago.

Australian agency ABARES raised its forecast for the 2021/22 mg wheat harvest in Australia by another 5% to a record 36.3 million tons due to high yields and lower-than-expected quality problems,although the USDA estimated the harvest at 34 million tons in February.

GrainTrade 

Tags: Australia, Ukraine, Russia, prices, wheat, war