U.S. wheat and corn futures rose above permitted daily trading limits on Thursday, while soybeans hit the highest level since 2012 after Russian forces attacked Ukraine, exacerbating supply concerns. .
Wheat rose for a third day, climbing to its highest level in more than nine years, while corn advanced to an eight-month high.
Russian forces invaded Ukraine by land, air and sea, confirming the West’s worst fears with the largest interstate attack in Europe since World War II.
Russia and Ukraine account for around 29% of world wheat exports, 19% of world corn supplies and 80% of world sunflower oil exports, so traders fear the conflict will hamper the movement of goods. harvests and trigger a dispute among importers to replace the supply from the Black Sea.
“Rising prices reflect fears of a complete halt to Black Sea exports”, said Andree Defois, president of the French consultancy Strategie Grains.
“The problem is that the importing countries still have needs (of wheat), we are not yet at the end of the campaign. If we see two or three million tons moving to other origins, that is very bullish.”, he added.
The most active May wheat contract on the Chicago Board of Trade was up 5.7% at $9.3475 a bushel, the highest since July 2012.
Corn was up 5.1% at $7.1625 a bushel, its highest since June 10, while May soybeans were up 2.8% at $17.18 a bushel at 1:00 p.m. 11 GMT, advancing for the sixth consecutive session.
With information from Reuters
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