Wheat rises, corn and soybeans fall amid banking sector volatility

By Cassandra Garrison

CHICAGO, March 13 (Reuters) – Chicago Grains were mixed on Monday, reflecting market volatility following a slump in global banking stocks and U.S. intervention to guarantee deposits at Silicon Valley Bank, a financially focused lender. on technology.

* The most active corn and soybean contracts fell while those of wheat rose after President Joe Biden tried to allay fears for the banking system after US regulators intervened with a series of measures. emergency after the failure of Silicon Valley Bank and Signature Bank.

* “If you want to know what the grain is going to do, keep an eye on the stock market because it’s really been the pressure for the past day or two,” said Mark Gold of US consultancy Top Third Ag Marketing.

* Wheat prices were boosted by the delayed Kansas harvest, Gold added, while corn and soybeans were lower due to lower crude oil prices.

* The most active wheat on the Chicago Stock Exchange rose 2.2% to $6.94 a bushel at 3:39 p.m. GMT. Soybeans were down 0.2% at $15.045 a bushel and corn was down 0.1% at $6.1675 a bushel.

* Negotiations have also started between UN officials and Russia’s Deputy Foreign Minister on the possible continuation of the agreement allowing the safe export of grain from Ukraine’s Black Sea ports, which expires March 18.

* Russia is not opposed to the extension of the Black Sea grain agreement, but only for 60 days, according to the RIA Novosti news agency.

* “Grain markets are expecting the deal to be extended a few days before the deadline,” said Matt Ammermann, head of commodity risk at StoneX.

* Ammermann pointed out that China and Turkey are among the main importers of Ukrainian grain through the channel.

* “Wheat enjoyed some support last week as investors turned to safe havens after the collapse of Silicon Valley Bank, but that is fading today,” Ammermann said.

* “Corn also looks weaker on top of expectations that US farmers will expand their plantings,” he added.

(Reporting by Cassandra Garrison in Chicago; additional reporting by Michael Hogan in Hamburg, Naveen Thukral in Singapore; Editing in Spanish by Javier López de Lérida)