CHICAGO- Chicago wheat climbed on Friday after a Ukrainian drone attack near a Russian Black Sea export hub, rekindling global supply fears while India raised demand expectations as it considers scrapping wheat tariffs.
Soybeans climbed on stronger crude and vegetable oil markets, also on alert following the Black Sea disruptions.
Corn followed wheat higher.
Chicago Board of Trade most active wheat gained 6 cents to $6.33 per bushel, after climbing to $6.53-3/4 overnight. Wheat futures ended the week down 9.83 percent lower, its biggest weekly loss since the week ended June 30.
CBOT corn firmed 3-3/4 cents to end at $4.97-1/4 per bushel. For the week, the contract fell 6.18 percent .
Soybeans added 8 cents to end at $13.33-1/4 a bushel, but ended the week down 3.73 percent .
Ukrainian sea drones attacked a Russian navy base near the port of Novorossiysk, a major terminal for Russian grain and oil exports. The port temporarily halted all ship movement before resuming normal operations.
“There was some destruction, but the port is still working,” said Tom Fritz, commodity broker at EFG Group. “Markets get emotional, we get these middle of the night spikes, but as long as these ports continue to work, what’s the point of sustaining the rally?”
