PARIS/SINGAPORE: Chicago wheat futures turned higher on Thursday, recovering from an earlier two-week low, as a report that Ukraine has halted traffic in a Black Sea shipping channel put attention back on war risks to export supply.
Reaction was tempered, however, by initial indications that the corridor closure was temporary and a backdrop of large global supplies and improving crop weather.
Corn also steadied to move away from a three-week low struck in the previous session while soybeans edged up following Wednesday’s near two-week low with support from rising vegetable oil prices.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.9% at $5.73-1/2 a bushel by 1033 GMT, having earlier dropped to its lowest since Oct. 12 at $5.63-1/4.
Kyiv suspended the use of its new Black Sea grain corridor, launched in August after Russia quit a deal allowing war-time seaborne exports from Ukraine, due to a threat from Russian warplanes, the Kyiv-based Barva Invest consultancy said on Thursday.
Ukrainian officials were not immediately available for comment.
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