SINGAPORE: Chicago wheat jumped more than 2% on Tuesday, while corn climbed to its highest in seven months on worries over supply disruption from the key grain exporting Black Sea regions, as Russia-Ukraine crisis deepened. Soybeans rose for a fourth consecutive session and hit their highest in more than a week on concerns over dry weather in Brazil and Argentina.
“The Russia-Ukraine situation is getting serious,” said one Singapore-based grains trader. “The issue will dominate trading direction.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 2% at $8.20 a bushel, as of 0152 GMT, after hitting its highest since Jan. 25 at $8.27 a bushel.
Corn gained 1.5% to $6.64 a bushel, having earlier climbed to its highest since June at $6.65 a bushel and soybeans added 1.4% to $16.23-3/4 a bushel, the highest since Feb. 10.
The wheat market is being supported by tensions between leading exporters Russia and Ukraine.
Oil jumped to a seven-year high, safe-havens rallied and US stock futures dived on Tuesday as Europe’s eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine.
For soybeans, Brazil’s farmers had harvested 33% of the country’s area as of Thursday, against 24% a week earlier and 15% by the same time last year, but still faced widespread weather-related issues, agribusiness consultancy AgRural said on Monday.
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