Wheat Prices fell Below $8.5 after resumption of Ukrainian exports

CHICAGO: Wheat prices hovered under $8.5 per bushel, remaining well below the three-week high of $9 hit on November 1st as the resumption of Ukrainian exports out of Black Sea ports eased concerns of supply shortages.

Russia announced that it agreed to resume the UN-brokered agreement that guarantees a safe corridor for vessels carrying Ukrainian grain after demands have been met by Ukrainian officials.

The move came after Moscow suddenly decided to suspend the agreement in the end of October, citing security concerns that were denied by Kyiv.

Besides increasing worldwide supply, the continuation of exports out of Ukraine will free much-needed storage space for the incoming harvest, alleviating worries of global food shortages that sent wheat prices to a record-high $12.8 in May.

In the meantime, precipitation in the US Winter-Wheat-Belt boosted expectations of winter-wheat quality and supply, easing concerns brought by the lack of rainfall in the area.

While Wheat cultivation in Pakistan Punjab during the current month, emphasised provincial Agriculture Secretary Ahmad Aziz Tarar. All resources should be utilised to bring 16.5 million acres of land

The directive came in a meeting held to review progress on wheat plantations in the province. In a briefing on division and district-wise sowing, it was revealed that 64% wheat cultivation had been completed in rain-fed areas and plantation was underway in the irrigated areas.

Tarar issued directives for wheat cultivation in punjab completing cultivation in the rain-fed areas as soon as possible while sowing should be accelerated in the irrigated zones through the mobilisation of local communities.