SINGAPORE- Chicago wheat futures rose to a five-month top on Tuesday, gaining 2 percent as Russia’s attacks on Ukrainian ports and grain infrastructure sparked concerns about long-term global supplies and food security.
Corn edged higher, while soybeans eased.
“The slowdown in Ukrainian exports has been priced into the market and buyers are now waiting to see what happens to Russian wheat exports,” said one Singapore-based grains trader.
“Any restrictions on movement of ships from Russia will be bullish for prices.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) added 2 percent to $7.72-1/2 a bushel after earlier touching $7.77-1/4, its strongest since Feb. 21. Corn rose 0.1 percent to $5.69 a bushel, while soybeans lost 0.1 percent to $14.23-1/2 a bushel.
Russia destroyed Ukrainian grain warehouses on the Danube River in a drone attack on Monday, targeting a vital export route for Kyiv in an expanding air campaign that Moscow began last week after quitting the Black Sea grain deal. – Reuters
