Wheat risk off & limited down on Friday

Wheat risk off and limit down on Friday
Wheat markets on Friday went into full risk off/profit taking mode with the US wheat futures market trading lock limit lower across all 3 contracts. Front/spot month March contracts however have no limit which saw CBOT -83c, KC -76.25c and MGEX 77.75c.
The Russian incursion into Ukraine has so far been met with strong resistance from Ukraine forces and citizens with no major cities falling to Russian forces yet. Overnight however Putin has ordered his military command to put nuclear armed forces on high alert. Will expect as risk on approach to markets this morning as a result.
GASC over the weekend has announced another tender with both FOB and CFR offers acceptable in an attempt to encourage more offers. With ports closed and Azov see blockaded we may see force majeure declarations. 2 offers from France FOB at 389.92 from Soufflet and 399 from Viterra and 1 from Cargill at 447 from the US, no CFR offers

Wheat markets limit up on the open and receding slightly now

Putin appears to be getting a bit more than he bargained for in Ukraine and the effect of a potentially escalated/prolonged conflict is being felt in the commodities this morning, following a profit taking collapse Thurs/ Friday.
The GASC tender is under scrutiny by wheat traders to see not only if enough offers are received, but if scheduled shipments can be made…
China sold 522k tonnes of wheat from state reserves, 99% of the total offered.

Mpls wheat +13
KC wheat +45
Chic wheat +45
Matif wheat +24
Canola +19
Rapeseed +24
Soybeans +39
Soybean oil +290
Crude +354
Corn +27
CAD -9