GRAINS-Wheat extends rise on Black Sea war risks, soybeans ease

Credit: REUTERS/AMIT DAVE

By Gus Trompiz and Naveen Thukral

PARIS/SINGAPORE, Nov 22 (Reuters) - Chicago wheat rose for a second session on Wednesday after a Russian attack on a Ukrainian port rekindled concerns over Black Sea trade.

Soybeans fell back as traders assessed rain relief in Brazil after torrid weather hampered the planting campaign.

Corn was little changed as investors also adjusted positions before Thursday's Thanksgiving holiday in the United States.

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.6% to $5.86-1/2 a bushel at 1339 GMT, after earlier rising to its highest since Nov. 9 at $5.91-1/2.

News on Tuesday that Russia hit port infrastructure in Ukraine's southern city of Odesa brought back into focus risks to Kyiv's recently established wartime shipping channel through the Black Sea.

"This has somewhat dampened the optimism of recent weeks that Ukrainian exports are picking up," consultancy Agritel said in a note.

The wheat market has also seen a clutch of tenders by importers this week, suggesting a recent price slide is stirring demand. GAR/TEND

CBOT soybeans Sv1 fell 0.8% to $13.66-1/4 a bushel and corn Cv1 inched down 0.1% to $4.70-1/4 a bushel.

In Brazil, showers this week should bring "modest relief" to Brazilian growing belts, before stress expands again next week, the Commodity Weather Group said.

In Argentina, the world's biggest soyoil and soymeal supplier, the market was awaiting policy indications from President-elect Javier Milei, a free-market advocate that farming associations see as potentially boosting grain output.

Prices at 1339 GMT

Last

Change

Pct Move

CBOT wheat Wv1

586.50

3.75

0.64

CBOT corn Cv1

470.25

0.25

0.05

CBOT soy Sv1

1366.25

-11.00

-0.80

Paris wheat BL2c1

227.00

1.50

0.67

Paris maize EMAc1

206.25

0.50

0.24

Paris rapeseed COMc1

438.00

-2.25

-0.51

WTI crude oil CLc1

74.48

-3.29

-4.23

Euro/dlr EUR=

1.09

0.00

-0.06

Most active contracts - Wheat. corn and soy US

cents/bushel. Paris futures in euros per tonne

(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu and Mark Potter)

((gus.trompiz@thomsonreuters.com; +33 1 49 49 52 18; Reuters Messaging: gus.trompiz.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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