Wheat futures closed mainly higher on Tuesday amid renewed uncertainty surrounding Black Sea grain supplies. Soybeans also gained while corn posted small declines.
Weekend diplomatic efforts involving U.S. envoys, Russia, and Ukraine failed to produce a breakthrough toward ending the war or restoring grain exports from the Black Sea region at scale. Wheat gains moderated from their early highs as traders took profits and positioned ahead of Friday’s USDA supply-demand report. December Chicago was up 13 cents at $7.47, and December Kansas City added 16 ¾ cents to $8.19. December Hard Red Spring wasd steady at $7.64 ½, and December Minneapolis was 9 cents higher at $7.54.
Strength in soybean oil and sharply higher energy markets offered some underlying support for soybeans. Crude oil remained near six-week highs as Middle East tensions and attacks on Saudi energy infrastructure heightened concerns about global energy supplies. November beans were 6 ½ cents higher at $13.16 ¼, and March was up 8 ¼ cents at $13.38 ½.
Corn experienced some consolidation following recent gains, while traders remained cautious ahead of the USDA report. December and March corn each slipped 3 ¼ cents to settle at $5.33 ½, and $5.49.
