Tidbits, Wheat & the Black Sea, Drought & Weather, Beef Slaughter, Soybean Classes 8/2/26
- Wright team
- Aug 2
- 5 min read
Tidbits
Wheat: A Ukrainian drone strike on Thursday inflicted “significant damage” on Russia’s grain export terminal at Taman on the Kerch Strait, a facility Reuters put at 5 million mts of capacity, where shipping through the Sea of Azov and the Kerch Strait has been halted since 10 July. That corridor handled roughly a quarter of Russian grain exports.
Before the strike, Taman Port loaded 374,000 mts of wheat for export the week ending Thursday, down from 513,000 from the previous week. Marex’s Tim Bulfer had Russian August/September FOB offers slipping toward $230 per ton with bids absent because ships are not being sent into port. Cheap offers with no bids to buy is the market stating Russian wheat is not wanted. Turkey lifted its milling wheat 17 month export ban on the back of a record 22.8 million mts harvest gave the bears one more reason to sell.
Friday’s CFTC report shows managed money had cut its Chicago wheat net short to 6,880 contracts as of Tuesday, down from 18,399 short contracts a week earlier and 60,432 on July 7, while going net long 33,233 in KC hard red winter, and long 7,850 spring wheat contracts, which the funds were still net short two weeks ago.
Want to read more?
Subscribe to wrightonthemarket.com to keep reading this exclusive post.
