CBOT wheat rises with benchmark futures up 2.60%

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On May 24th, according to foreign media reports, the soft red winter wheat futures market of the Chicago Board of Trade (CBOT) closed up on Tuesday, with the benchmark futures contract up 2.60% due to slow Ukrainian grain ship transportation. At the close, wheat futures rose from 10.75 cents to 16 cents, with the July contract up 16 cents to settle at 622.25 cents/bushel, the September contract up 15.75 cents to settle at 634.50 cents/bushel, and the December contract up 15 cents to settle at 651.50 cents/bushel. The most active July contract traded between 594.25 cents and 624.75 cents. The benchmark contract rose above the 5-day moving average for the first time in a week. Traders said that although the Black Sea grain export agreement has been delayed for two months, it seems that Ukrainian grain exports have slowed down, which has boosted sentiment in the wheat and corn markets. Short-covering was active in the wheat market.