Wheat Hits 2-Month High on Ukraine Concerns; soy falls

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U.S. wheat futures set new two-month highs on Thursday, buoyed by risks of deepening conflict in Ukraine and dry weather in Argentina and the plains of the U.S. said traders.

Commodity funds maintain a net short position in wheat futures on the Chicago Stock Exchange, leaving the market prone to short-cover attacks.

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December wheat closed up 7 cents at $9.1075 a bushel after hitting $9.2250, its highest since July 11.

Corn futures followed wheat, while soybeans fell.

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December corn rose 2.75 cents at $6.8825 a bushel and November soybeans closed down 4.25 cents at $14.57 a bushel.

The wheat market has played down pressure from disappointing weekly US export sales and a 2022/23 global wheat production increase forecast from the International Grains Council.

Traders appeared focused on fears of further disruption to the Black Sea grain trade, which has been partially re-established by a transport corridor from Ukraine. President Vladimir Putin on Wednesday ordered a Russian mobilization to fight in Ukraine and hinted that he is prepared to use nuclear weapons.

Source: CNN Brasil

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