Wheat futures were mainly weaker on Thursday, while corn and soybean contracts posted modest gains.
Profit taking took some steam out of wheat, although markets remained supported by continued attacks in the Black Sea region, where strikes involving Russian and Ukrainian grain infrastructure have heightened concerns about export logistics and the reliability of shipments from two of the world’s largest wheat suppliers. September Chicago wheat fell 9 ½ cents to $6.96 ¼, and September Kansas City lost 3 ¾ cents to $7.59 ¾. September Hard Red Spring was unchanged at $7.35, and September Minneapolis managed a 1-cent gain to $7.30.
Strength in energy markets provided broader support to corn and soybeans.
U.S. oil futures rallied more than 6% after the Iran-backed Houthis launched missile and drone attacks on two Saudi Arabian oil tankers in the Red Sea. Brent crude futures climbed above US$100 per barrel for the first time since May.
September corn added 2 cents to $4.64, and December was up 2 ¾ cents at $4.87 ½.
September soybeans were a nickel higher at $12.31, while November climbed 4 ¾ cents to $12.43 ¾.
