Wheat hits 14 year high

Wheat hits 14 year high
Wheat futures soared to 14 year highs with the CBOT May contract settling at $10.59/bu. Of note, in the space of 7 sessions, the K/Z spread has blown out from 0 to $1.67/bu indicating the world needs US wheat stocks (or other alternatives) to cover the loss of exports out of Ukraine and Russia.
Discussions over the duration of the current war in Ukraine is starting to dominate discussions now with how and when the war will be resolved. Further sanctions banning Russian planes from airspace and ships from waters outside of Russia, and also large MNC pulling out or suspending operations in Russia in protest of the invasion in to Ukraine.
In cash markets, the Turkish TMO booked 370k of milling wheat for 10 Mar – 8 Apr shipment. Offers were mostly EXW with prices for 12.5% ranging $410.8/mt-$442.8/mt and for 13.5% ranging from $408.9/mt to $464.9/mt. There was 1 lonely CNF offer from Olam at $517/mt.
Aussie FOB prices continued to surge on increased interest with 1 reported trade at $390/mt for APW for June load.
CBOT May contract has traded through $11/bu on the open

Mpls wheat +2
KC wheat +41
Chic wheat +67
Matif wheat +9
Canola +11
Rapeseed -1
Soybeans +18
Soybean oil +9
Crude -31
Corn +5
CAD +6