He wheat in Chicago rose more than 3% on Tuesday, at a time when the market reacted to possible problems with maritime routes in the Black Sea after what Ukraine attacked a large Russian warship in Crimea.
Soybeans fell slightly after rains in South America over the weekend, while corn strengthened due to the rise in oil in early operations. At 1640 GMT, the most active wheat contract on the Chicago Board of Trade (CBOT) was up 19 cents, or one 3.1%at US$6.3525, its highest price since December 8.
Wheat strengthened after Ukraine hit a large Russian landing ship in Crimea with cruise missiles in an overnight attack in the Black Sea, a key global shipping route for grain.
The conflict “in Ukraine it seems to be escalating a bit”said Lane Akre, an economist at ProFarmer. “So I think (there is) a little bit of risk coming into the market.”
Thin trading volume was expected in commodity markets on Tuesday and throughout the week between the Christmas and New Year holidays. The most active soybean contract was down 0.75 cent at $13.055 a bushel, while corn was up 4.25 cents at $4.7725 a bushel.
Soybeans fell after weekend rains in Brazil and Argentina, which eased concerns about how drought conditions may threaten crop production.
Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
