PARIS: Chicago wheat futures extended their rise to a two-year high Thursday, pulling other grain markets in their wake, as tensions between Russia and Ukraine showed no sign of cooling, raising concerns for exports from the world’s largest wheat suppliers.
The most active wheat contract on the Chicago Board of Trade (CBOT) was up 0.7 percent at USD6.87-1/2 a bushel as of 1157 GMT. Corn rose 0.4 percent lower to USD4.71-1/2 a bushel and soybean gained 0.25 percent to USD12.04-3/4 a bushel.
Wheat futures had already surged 5 percent in the last session amid fears of disruptions to Black Sea exports at a time when wheat supplies are seen tightening in Europe and North America.
Ukraine and Russia launched missile and drone attacks on Thursday on vessels in the Black Sea and the Sea of Azov, the route for a quarter of Russia’s grain exports, stepping up hostilities in a zone vital for grain exports.
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