Wheat futures were higher Tuesday, boosted by Russian threats against Ukraine. Corn also gained while soybeans closed lower.
Following Ukraine drone attacks against Russia’s so-called Black Sea shadow fleet, Russian President Vladimir Putin threatened Tuesday to cut off Ukraine’s access to the sea. Such a move could impact wheat exports from Ukraine, typically the world’s fifth largest exporter. On the other side, wheat remains weighed down by heavy global supplies, including a larger-than-expected Australian and Argentine crops. March Chicago wheat gained 6 cents to $5.41, and March Kansas City added 6 ¼ cents to $5.33. March Hard Red Spring was 3 ½ cents higher at $5.65 ¼, and March Minneapolis ended with a 4 ¾-cent gain to $5.80 ¾.
The Russian threat against Ukraine also buoyed corn. Along with wheat, Ukraine is a major global supplier of corn. March corn added a nickel to $4.50 and new-crop December was 2 ¼ cents higher at $4.69 ¼.
Soybeans saw small declines as the market remains mired in uncertainty over whether China will step up to buy the expected 12 million tonnes of American supplies before the end of this year. Outside of last week’s limited Chinese buying, daily flash sale announcements from the USDA have been quiet so far this week. January beans slipped 3 ¼ cents to $11.24 ¾, and November dipped 2 cents to $11.23.
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