U.S. wheat futures rose on Monday after falling sharply in three of the last four sessions, as intense fighting between Ukraine and Russia stoked fears that a deal for the safe transportation of Ukrainian grain exports might not be renewed.
* Russia told a United Nations official on Monday that extension of a Black Sea grain deal was contingent on the West easing restrictions on Russian agricultural and fertilizer exports.
* “Wheat is rising today largely on continued geopolitical risks and concerns that the safe shipping channel for Ukraine’s grain exports will not be extended,” said Matt Ammermann, commodity risk manager at StoneX.
* “The fighting in Ukraine has intensified and there is a lack of news on progress in talks to extend the export corridor, which is creating concern,” he added.
* Russian drones attacked sunflower oil tanks at a terminal in the Ukrainian port city of Mykolaiv on Sunday.
* Soybean futures also rose as bullish export news supported prices, but gains were held in check by concerns top buyer China may soon look elsewhere.
* Corn futures were lower on pressure from the ongoing harvest in the US Midwest.
* By 1601 GMT, December soft red winter wheat futures on the Chicago Stock Exchange were up 6.75 cents at $8.665 a bushel.
* CBOT November soybean futures were up 9 cents at $13.9275 a bushel and December corn was down 5 cents at $6.8475 a bushel.