PARIS/SINGAPORE: Chicago wheat futures continued to surge on Tuesday, hitting their highest level in almost 14 years as traders feared prolonged disruption to global supplies following Russia's invasion of fellow grain exporter Ukraine.
Corn also climbed further to trade near an eight-month peak as the market grappled with a halt to short-term shipments from Ukraine as well as the risk that a lasting conflict could hamper spring planting.
Soybeans rose, with worries in oilseed markets over sunflower oil supplies from Ukraine and Russia outweighing signs of improved weather for South American soy crops.
The most-active wheat contract on the Chicago Board of Trade Wheat was up 4.9% at $9.79-1/2 a bushel by 1029 GMT.
It earlier reached $9.81-3/4, a level not seen since April 2008 and surpassing a 13-1/2 year peak struck on Friday.
On Euronext, May wheat was up 6.7% at 336.75 euros ($376.28) a tonne. The less active March contract, which expires next week, set a new all-time record for Euronext at 347.50 euros.
Russia and Ukraine together account for about 30% of world wheat exports, and Moscow's invasion launched last Thursday has led to the closure of Ukraine's ports and unprecedented Western financial sanctions against Russia.
Ukrainian ports will remain closed until Russia's invasion ends, the head of Ukraine's Maritime Administration said on Monday.
In a sign of the growing impact on importers, Egypt cancelled a second international wheat tender in less than a week.
"The war in Ukraine is causing a total halt to shipments in Ukrainian ports, and only a few shipments in Russian ports are noted in a context of navigation that has become very dangerous in the entire Black Sea basin," consultancy Agritel said.
The most-active corn contract on the Chicago Board of Trade (CBOT) added 3.0% to $7-11-3/4 a bushel, close to last Thursday's eight-month high.
Investors are also worrying about consequences for the next harvest.
"The market is also discussing what will happen to summer crop planting in Ukraine. Growers are due to start planting spring barley soon. And corn planting is due to be planted in April," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
CBOT soybeans rose 2.4% to $16.75-1/2 a bushel.
Fighting in Ukraine is expected to halt the processing and export of Ukrainian oilseed crops for at least a month, reducing supply of sunflower products, consultancy Strategie Grains said.
Palm oil futures soared to a record high on Tuesday as the market anticipated a shift away from Ukrainian and Russian sunflower oil.