Analysts: Rumors of Russia closing key food corridors are a top concern for traders

On July 11, against the background that the world agricultural supply and demand forecast report was generally considered to have a neutral impact on the market, traders 'attention turned back to the latest developments in the Russia-Ukraine War. Rumors of Russia closing key food corridors are a top concern for traders. "The main picture remains that there is some risk premium in the wheat market ahead of the weekend due to the closure of the Kerch Strait," StoneX analyst Arlan Suderman said in a note. Previously, Ukraine escalated its crackdown on Russian energy facilities, followed by the possible closure of key export infrastructure. The risk of Russia's counterattack disrupting wheat supplies in Ukraine is also a concern for traders. Wheat futures rose 3.4%.