Wheat futures finished stronger on Monday, as renewed concerns about Black Sea grain movement brought fresh risk premium into the market. Soybeans inched higher while corn was little changed.
Wheat climbed after Russian missiles struck a ship carrying corn in the Black Sea over the weekend, killing at least 2 people on board and injuring others. Expectations for reduced Russian export availability also added support. December Chicago was up 9 ¼ cents at $6.92 ¼, and December Kansas City added 7 cents to $7.42 ¼. December Hard Red Spring was 4 ¾ cents higher at $7.28 ½, and December Minneapolis gained 10 ½ cents to $7.08 ½.
Support for soybeans came in part from fresh U.S. export business after the USDA reported a sale of 104,000 tonnes of soybeans to unknown destinations. Soybean oil also strengthened, helping offset continued pressure from the advancing U.S. harvest and lingering concerns about Chinese demand. November beans were 2 ½ cents higher at $12.80 ¾, and March was up 3 ¼ cents at $13.08.
Corn was essentially unchanged, as large old crop U.S. inventories continued to weigh on the market, while harvest pressure and a stronger U.S. dollar limited buying interest. December eased a ½ cent to $4.97 ¼, and March was steady at $5.11 ½.
