SINGAPORE- Chicago wheat futures rose on Monday for the first time in four sessions, recovering from last week’s losses as Russian attacks on Ukraine’s agricultural infrastructure over the weekend supported prices.
Soybean and corn futures rose for a second straight session.
“Russia’s attacks on Ukraine’s agriculture infrastructure raise some concerns over supplies,” said one Sydney-based grains trader. “It adds to concerns, as we already have outlook for dryness for the US winter crop.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.9 percent to $5.33-1/4 a bushel. The contract fell 1.7 percent last week to trade near its weakest level in three-and-a-half years.
Soybeans firmed 0.2 percent to $12.01 a bushel and corn gained 0.6 percent at $4.39-1/4 a bushel.
Russian air attacks damaged agricultural enterprises and destroyed several industrial buildings in the Black Sea port of Odesa, Ukraine’s forces said on Sunday.
Most of Ukraine’s regions have started 2024 spring sowing, seeding the 128,100 hectares of spring wheat, peas, barley and oats. Last month, the country’s agriculture ministry said that farmers were expected to reduce the area sown with corn by 9 percent year-on-year.