CHICAGO- Chicago Board of Trade wheat futures jumped nearly 4 percent on Friday as a drone attack on Moscow revived concerns over the risk of war disruptions to Black Sea grain exports, analysts said.
Soybean futures advanced for a third session to reach a July high as a hot, dry US weather forecast fueled worries about crop stress. Corn futures also finished higher.
Grain traders have been nervous that escalating tensions between Russia and Ukraine could disrupt Black Sea crop shipments since Moscow quit the UN -backed export deal for Ukraine in July. Both countries are major grain exporters.
On Friday, a Ukrainian drone smashed into a building in central Moscow after Russian air defenses shot it down, Russian officials said.
Most-active wheat futures ended up 23-3/4 cents at $6.39 a bushel at the CBOT. Earlier this week, the contract hit its lowest price since June 1.
“Wheat-wise, we got a little bit overdone to the downside,” said Matt Wiegand, commodity broker for FuturesOne. – Reuters
