The intensifying conflict between Russia and Ukraine helped send wheat futures higher to end the week. Corn and soybeans also ended with gains.
Days after Ukraine had launched a daring and successful drone attack on military aircraft deep inside Russian territory, the Kremlin responded with one of the three-year-old war’s biggest attacks yet early Friday, striking multiple targets across Ukraine with drones and missiles. The rising tensions once again raise concern about the potential impact on wheat shipments from the two countries. A likely slowdown in the US winter wheat harvest supported as well, with rain expected in parts of Kansas, Oklahoma and Texas next week. July Chicago gained 9 ¼ cents to $5.54 ¾, July Kansas City added 6 ¾ cents to $5.49 ¼, and July Minneapolis closed a dime higher at $6.35 ¼.
Soybeans continued to be underpinned by Thursday’s phone call between US President Donald Trump and his Chinese counterpart Xi Jinping. The two leaders agreed to further discussions aimed at resolving the ongoing trade war between the two countries. China is the largest buyer of American soybeans. July was up 5 ½ cents at $10.57 ¼, and November climbed 3 ¾ cents to $10.37.
Corn drew some support from the advances in wheat and forecasts on the drier side for much of the central Corn Belt in the next week. July was up 3 cents to $4.42 ½, and December inched a penny higher to $4.49 ¼.
