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The Qatari Ministry of Defense stated that the countrys armed forces intercepted a missile attack targeting Qatar.The Israeli military stated that it has detected missiles launched by Iran toward Israel.Qatars Ministry of the Interior stated that the security threat level is "high" and urged the public to stay indoors.On April 8, South Koreas Joint Chiefs of Staff reported that North Korea launched an unidentified projectile eastward from the Pyongyang area on April 7. The projectile experienced abnormalities in the initial stages of launch and was eventually destroyed by fire. The Joint Chiefs of Staff stated that South Korean and U.S. intelligence agencies are analyzing the projectiles detailed parameters. North Korea has not yet responded.Futures News, April 8th: 1. Heavy rainfall and severe convective weather are expected in the Jianghan and Jianghuai regions. From April 8th to 10th, moderate to heavy rain is expected in parts of the Jianghan, Jianghuai, northern Jiangnan, and Chongqing areas, with localized torrential rain or extremely heavy rain, accompanied by short-term heavy rainfall, thunderstorms, strong winds, or hail. ② The Central Meteorological Observatory issued a blue rainstorm warning and continued to issue a blue warning for severe convective weather at 06:00 on April 8th. It is expected that from 08:00 on April 8th to 08:00 on April 9th, heavy to torrential rain is expected in parts of southern and eastern Hubei, central and northern Anhui, southern Henan, and central and northern Jiangsu, with localized extremely heavy rain (100-150 mm) in eastern Hubei. These areas will also experience short-term heavy rainfall (maximum hourly rainfall of 20-40 mm, locally exceeding 50 mm), and localized thunderstorms, strong winds, or hail. 2. Heavy rainfall has occurred in areas near the Great Lakes and in Japan. Yesterday, moderate to heavy rain occurred in parts of Mexico, eastern Brazil, Uruguay, northern Argentina, Okinawa (Japan), Indonesia, Malaysia, Thailand, the North Island of New Zealand, and the Solomon Islands, with some areas experiencing torrential rain or extremely heavy rain. Moderate to heavy snow or sleet occurred in southern Canada, the Great Lakes region, the Labrador Peninsula, Iceland, Norway, Sweden, Finland, and central Russia, with some areas experiencing blizzards or extremely heavy snow. 3. Precipitation will continue in Afghanistan and Pakistan. Over the next three days, influenced by an upper-level trough, a low-level warm and moist jet stream, and orographic lifting, eastern Afghanistan and northeastern Pakistan will continue to experience moderate to heavy rain, with some areas experiencing torrential rain.

Russia Leaving A Black Sea Export Pact Raises Wheat Prices 5.5%

Aria Thomas

Oct 31, 2022 14:23

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Wheat futures in Chicago surged by more than 5% on Monday, while corn futures increased by more than 2%, as Russia's withdrawal from a Black Sea export accord fueled fears about global grain supplies.


As of 01:02 GMT, the most-active wheat contract on the Chicago Board of Trade (CBOT) climbed 5.5% to $8.75 per bushel, after reaching a high of $8.93 per bushel earlier.


Corn climbed 2.2% to $6.96-1/4 per bushel, while soybeans increased 1% to $14.13-1/2 per bushel.


"Russia's suspension of participation in the Black Sea grain corridor over the weekend may overwhelm (the market) in early trade today," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia (OTC:CMWAY) (OTC:CMWAY).


Our assessment was that wheat futures added a little premium to prices for the risk that the corridor may close.


Moscow suspended its participation in the Black Sea accord on Saturday, alleging a large Ukrainian drone strike on its ship in Russia-annexed Crimea.


Washington alleged that Russia was weaponizing food, while Kyiv stated that Russia was creating a rationale for a planned exit from the accord.


On Monday, the United Nations, Turkey, and Ukraine stated that a transit agreement for 16 ships will be in place for the grains export pact.


As two of the world's major wheat producers, Russia and Ukraine's invasion of Ukraine, which has lasted eight months, has affected grain prices.


In March, wheat futures reached a record high of $13.64 a bushel.