SINGAPORE- Chicago wheat and corn futures rose on Monday, as Russia’s attacks on Ukrainian port infrastructure and slowing flow of shipments from the Black Sea region heightened concerns over supply disruptions.
Soybeans rose for the first time in three sessions.
“Cargo movement in the Black Sea region is getting restricted,” said one Singapore-based trader. “Buyers are worried about supplies.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1.3 percent to $7.06-3/4 a bushel and corn rose 0.9 percent to $5.41 a bushel. Soybeans added 0.4 percent to $14.07-1/4 a bushel.
Russia pounded Ukrainian food export facilities for a fourth day in a row on Friday and practiced seizing ships in the Black Sea in an escalation of what Western leaders say is an attempt to wriggle out of sanctions by threatening a global food crisis.
Russia said its Black Sea fleet had practiced firing rockets at “floating targets” and it would deem all ships heading for Ukrainian waters to be potentially carrying arms. Kyiv responded with a similar warning about ships headed to Russia.
