December Chicago wheat is trading sharply higher and gaining on corn midday. Kansas City and Minneapolis wheat are higher as well. The midday surge in wheat futures kicked off after Egypt bought 475,000 tonnes of wheat from Russia, Romania, and Ukraine. The trade reacted bullishly to the news on thoughts that world demand is increasing and Black Sea stocks will continue to dwindle later this year which could force more export demand to the US. It is also being reported that Russia could begin importing wheat from Kazakhstan this year if domestic food prices continue to rise. The commodity complexes, as well as outside markets, are seeing widespread support today following this morning's ECB meeting. Crude oil, metals, and grains are all trading higher as investors believe the long term trend by world central banks is to provide monetary easing to force economic stimulus.
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