SINGAPORE- Chicago wheat futures rose more than 1 percent on Wednesday to a one-week high as strong demand and uncertainty over a Black Sea grain export deal underpinned the market.
Corn and soybeans rose for a second straight session.
“There is still no resolution to the extension of a grain deal between Russia and Ukraine that allows for grain exports out of Ukraine during the ongoing conflict,” commodities research firm Hightower said in a report.
The most active wheat contract on the Chicago Board of Trade (CBOT) added 1.2 percent to $7.04-1/4 a bushel, the highest since March 6.
Corn added 1.2 percent to $6.28-1/4 a bushel and soybeans gained 0.4 percent at 14.99-3/4 a bushel.
Talks continued to extend the deal to allow grain shipments from Ukraine’s Black Sea ports ahead of a deadline later this week, the United Nations and Turkey said on Tuesday, after Kyiv rejected a Russian push for a reduced 60-day renewal.
Russia and Ukraine are among the world’s largest grain exporters and the creation of the corridor has helped cool global food commodity prices that hit record highs after Russia invaded Ukraine a year ago. – Reuters
