Grains-Chicago grains and oilseeds futures fall amid Black Sea tensions

Wheat futures surged 5% in the last session amid fears of disruptions to Black Sea exports at a time when wheat supplies are seen tightening in Europe and North America.

Shipping in the Sea of Azov, the route for a quarter of Russia's grain exports, remained restricted after continued Ukrainian drone attacks, sources told Reuters.

Ukraine's deputy economy minister Taras Vysotskiy told Reuters that the country will do everything possible to protect its seaports and guarantee grain exports at least at last season's level when the country shipped more than 37 million metric tons.

Ukraine has lost about a third of its capacity to export grain via its vital Black Sea ports due to intensifying Russian missile and drone attacks, the country's main farmers' union said.

Russia has sharply stepped up attacks in recent weeks on Ukrainian Black Sea ports' infrastructure and on cargo vessels entering Odesa ports to export grain and other agricultural goods.

For soybeans, the National Oilseed Processors Association (NOPA) said its members crushed 214.340 million bushels in June, exceeding analyst expectations.

NOPA also reported a larger-than-expected drop in U.S. June soyoil inventories to an eight-month low of 1.501 billion pounds, below all trade estimates.

Stressful hot weather persisted in the U.S. Midwest crop belt on Wednesday, but temperatures were expected to moderate slightly next week, with increased rains.

Chicago grains and oilseed futures fell on Thursday as market participants continued to monitor Black Sea hostilities after Russia and Ukraine intensified attacks in the region, closing key shipping routes.

The most active wheat contract Wv1 on the Chicago Board of Trade (CBOT) was down 0.3% at $6.75-3/4 a bushel, as of 0325 GMT. Soybean Sv1 fell 0.2% to $11.99-1/4 a bushel, and corn Cv1 edged 0.2% lower to $4.68-3/4 a bushel.