Feb. 25: CBOT #wheat futures took out the 2012 highs overnight reaching $9.60-3/4 per bu, the highest since June 2008. Contract was down more than 60 cents early in Friday's session (near $8.71 as of this post). FYI trading limits are 75 cents today.
·
Lebanon has one month's supply of #wheat in reserve and it buys 60% of its wheat from Ukraine. The U.S., India and France are some possible substitutes. Lebanon's main wheat silos were ruined in the 2020 Beirut port explosion, capacity has been low since.https://reuters.com/markets/asia/lebanon-has-wheat-reserves-sufficient-one-month-minister-2022-02-25/#:~:text=BEIRUT%2C%20Feb%2025%20(Reuters),due%20to%20the%20Ukraine%20crisis
.
