SINGAPORE: Chicago wheat futures rose on Monday, trading close to last week’s two-year high as disruptions to Black Sea shipments continued to buoy prices.
Soybeans rose to a two-month high as crude oil prices rallied on escalating US-Iran attacks. “We have issue with Russian and Ukrainian wheat supply, which is driving the price rally,” said one trader in Singapore. “Supplies in the US and Europe are already tight because of the dryness.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.2percent to USD6.83-3/4 a bushel by 0327 GMT, trading close to Friday’s highest since June 2024.
Soybeans were up 0.4percent at USD12.08-1/4 a bushel after climbing to their highest since late May earlier in the day, while corn rose 0.8percent to USD4.71 a bushel.
Strikes on vessels by Ukraine and Russia are disrupting wheat shipments during the peak marketing season for Black Sea exports. Wheat prices have been supported by attacks in the Black Sea and the Sea of Azov as the two countries stepped up hostilities in a zone vital for grain exports. Russia attacked two Ukrainian Black Sea port cities on Friday, killing three people, Ukrainian officials said, as Moscow intensifies pressure on Ukraine’s key trade routes.
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