Are global grain prices inching up again? Wheat futures posted their first decline in five sessions after trading near two-month highs during the day yesterday on fears of fresh supply constraints, Bloomberg reports. Chicago wheat contracts for March closed down 0.5% at USD 7.97 per bushel, after peaking on fears that intensified fighting in Ukraine could once again stymie exports out of the country, which is a key producer of the grain. Uncertainty over the future of a UN-brokered agreement allowing Ukraine to resume its grain exports via the Black Sea amid the war is also stoking price hikes. The agreement is up for renewal in mid-March.

ALSO WORTH NOTING THIS MORNING-

• Borsa Istanbul to resume trading today: Turkish authorities are channeling bns of TRYs into the stock market and planning tax waivers to boost equities ahead of today’s reopening. Trading was suspended last week in the wake of two deadly earthquakes. (Bloomberg)
• Automaker giant Ford plans to cut 3.8k jobs in Europe — more than 10% of its European workforce — in the next three years, as it shifts its focus to electric vehicles. (CNBC)

	EGX30	17,431	+1.3% (YTD: +19.4%)
	USD (CBE)	Buy 30.52	Sell 30.62
	USD at CIB	Buy 30.52	Sell 30.62
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,497	-0.2% (YTD: +0.2%)
	ADX	10,021	+0.1% (YTD: -1.9%)
	DFM	3,459	-0.3% (YTD: +3.7%)
	S&P 500	4,136	-0.0% (YTD: +7.7%)
	FTSE 100	7,954	+0.1% (YTD: +6.7%)
	Euro Stoxx 50	4,239	-0.1% (YTD: +11.7%)
	Brent crude	USD 85.58	-1.2%
	Natural gas (Nymex)	USD 2.60	+1.3%
	Gold	USD 1,864.90	-0.0%
	BTC	USD 22,231	+1.9% (YTD: +34.4%)

THE CLOSING BELL-

The EGX30 rose 1.3% at yesterday’s close on turnover of EGP 2.3 bn (21.4% above the 90-day average). Local investors were net buyers. The index is up 19.4% YTD.

In the green: Heliopolis Housing and Development (+8.0%), Juhayna (+7.7%) and Ibnsina Pharma (+5.7%).

In the red: Cleopatra Hospitals Group (-2.1%), Telecom Egypt (-0.8%) and e-finance (-0.8%).