SINGAPORE- Chicago wheat rose for a second consecutive session on Tuesday, fueled by concerns over exports from the Black Sea region after a weekend attack temporarily shut down a key Ukrainian port, disrupting grain shipments.
Soybeans edged up after closing lower on Monday, although rains in Argentina and forecasts of wet weather in Brazil limited the gains.
“Russia’s military strikes near Ukraine’s grain export ports have caused problems for loading ships,” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.9 percent at $7.61-1/4 a bushel, after climbing to its highest since Dec. 5 at $7.64 earlier in the session.
Soybeans rose 0.3 percent to $14.64-1/2 a bushel, having lost 1.6 percent on Monday, and corn climbed 0.2 percent to $6.55-1/4 a bushel, extending gains.
