SINGAPORE – Chicago wheat futures climbed to a one-week high on Thursday, continuing to recover from multi-month lows, after concerns over renewed tensions between Russia and Ukraine fuelled doubts on the future of a Black Sea export corridor.
Soybeans inched lower and corn was almost flat, with both markets facing pressure from US planting.
“The wheat market has reversed the downward trend as there are fresh tensions between Russia and Ukraine which are putting the Black Sea grain deal in doubt,” said one Singapore-based trader.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.4 percent at $6.42-1/2 a bushel, after climbing earlier in the session to its highest since April 26. The market hit its lowest since April 2021 at $6.04 a bushel on Wednesday.
Corn was unchanged at $5.88-1/2 a bushel and soybeans lost 0.1 percent to $14.16 a bushel.
Russia accused Ukraine on Wednesday of attacking the Kremlin with drones overnight in a failed attempt to kill President Vladimir Putin. — Reuters
