Corn, wheat and soybean futures closed strongly higher Wednesday as escalating Black Sea tensions, disappointing spring wheat tour findings and sharply higher crude oil encouraged broad commodity buying.
Wheat posted the largest gains after Russia restricted vessel movements at its Novorossiysk port between midnight and 5 a.m. because of recent Ukrainian drone attacks. Daytime operations remain open, but the restriction raised concerns about grain movement through the port, particularly as other Black Sea and Sea of Azov routes face disruptions. Wheat also drew support from the Wheat Quality Council’s spring wheat tour. Scouts estimated an average first day yield of 45.9 bu/acre for the southern part of North Dakota. That is about 8% below a year ago, although still above the five-year average. September Chicago wheat jumped 27¾ cents to $7.05 ¾, while September Kansas City gained 30 ½ cents to $7.63 ½. September Hard Red Spring added 27 cents to $7.35, and September Minneapolis closed 24 ¾ cents higher at $7.29.
Corn and soybeans followed wheat higher, with help from strong gains in crude oil. Crude oil reached a six-week high as U.S.-Iran fighting restricted tanker traffic through the Strait of Hormuz, while Houthi threats against Saudi shipping reduced traffic through the Red Sea.
September corn was 9 ¼ cents higher at $4.62, and December gained 9 ½ cents to $4.84 ¾.
September beans closed up 15 ½ cents at $12.26, and November gained 16 ¼ cents to $12.39.
